Iowa Mortgage Interest Rates: Key Insights for Buyers
Intro
Understanding the landscape of mortgage interest rates can feel like navigating a maze for many homebuyers. In Iowa, as in other parts of the country, these rates are constantly shifting based on a multitude of factors. The significance of grasping current rates cannot be overstated; they play a pivotal role in helping individuals make informed decisions about home buying and investment opportunities.
This article aims to unpack the current mortgage interest rates in Iowa. We’ll take a closer look at the elements that influence these rates, how they compare to national trends, and offer practical guidance for buyers. Whether you’re a first-time homebuyer or someone looking to refinance, knowing the ins and outs of mortgage rates can empower you to act effectively in this dynamic market.
With that in mind, let’s dive deep into understanding your credit status, as this is the foundation upon which many financial decisions rest.
Understanding Mortgage Interest Rates
Grasping the concept of mortgage interest rates is crucial for anyone venturing into the world of home buying. These rates dictate not only how much a borrower will pay for a home but also influence the broader housing market. For Iowans, understanding these rates can mean the difference between being able to afford their dream home or settling for less.
Many factors play into these interest rates, ranging from economic conditions to individual financial profiles. Knowing what controls these rates enables homebuyers and investors to make informed decisions, optimizing their financial outcomes.
Definition of Mortgage Interest Rates
Mortgage interest rates can be defined simply as the cost of borrowing money for a home loan, expressed as a percentage of the total loan amount. When one takes out a mortgage, they essentially enter into a contract with a lender where they agree to pay back the amount borrowed plus interest over a specified period.
Key Components of Mortgage Interest Rates:
- Principal: The original sum of money borrowed.
- Interest Rate: The fee charged by the lender for borrowing the principal, usually expressed in annual percentage rates (APR).
- Term: The length of time to repay the loan, which commonly ranges from fifteen to thirty years.
Understanding these components helps to clarify how interest rates affect monthly payments. Generally, a lower interest rate translates to lower monthly payments, making homes more accessible.
Importance of Interest Rates in the Home Buying Process
Interest rates play a significant role in the home-buying journey. They affect the affordability of homes, influence buyer sentiment, and can sway the overall real estate market.
Here are a few reasons why interest rates matter:
- Monthly Payments: A small change in interest rates can lead to a substantial difference in what homebuyers pay each month. For example, a 1% increase on a $200,000 mortgage could result in an additional $150 in monthly payments, which adds up significantly over time.
- Buying Power: Low interest rates can enhance a buyer's purchasing power. For instance, when rates are low, buyers might qualify for larger loans, allowing them to shop within a higher price bracket. This can make the difference between a modest starter home and a more desirable property.
- Market Influence: Interest rates can either spur or slow down the housing market. When rates decrease, it's common to see a rush of buyers entering the market, vying for homes before rates creep back up. Conversely, higher rates may discourage potential buyers, leading to a slowdown in sales activity.
"Understanding mortgage interest rates is akin to knowing the pulse of the housing market; if you are not aware of it, you may miss out on significant opportunities."
In summary, keeping a close eye on current mortgage interest rates is integral for any prospective buyer. It's about more than just securing a loan; it’s about making a deliberate choice that affects long-term financial health.
Current Mortgage Interest Rates in Iowa
Understanding the current mortgage interest rates in Iowa is crucial for anyone stepping into the housing market, whether you're a first-time buyer or looking to invest in real estate. These rates act as a barometer for the lending environment and can greatly influence your monthly payments and long-term financial health.
As mortgage rates fluctuate, so does the buying power of prospective homeowners. A small variation in rates can make a significant difference in what people are able to afford, affecting everything from the size of the house they can purchase to the overall cost of the loan. It's essential to stay informed about these trends and understand the underlying elements that influence these rates in Iowa.
In this section, we’ll take a closer look at the latest trends in Iowa's mortgage interest rates as well as how these rates stack up against historical data. Armed with this knowledge, borrowers will be in a better position to plan their home-buying journey and make well-informed financing decisions.
Recent Trends in Iowa's Mortgage Rates
Iowa's mortgage interest rates have shown various patterns in recent times, illustrating a broader economic landscape often influenced by regional and national developments. Lately, rates have seen fluctuations that may leave potential buyers feeling a bit queasy, with some spikes intertwined with drops.
In early 2023, for instance, the average mortgage rate moved upwards, peaking around 6 to 7 percent. This surge followed a period of relatively low rates which had encouraged a wave of refinancing and home purchases. Interestingly, the spike aligns with national trends as the Federal Reserve adjusted interest rates to combat inflation.
This trend can shift on a dime, though. Subsequent months saw a gradual easing, bringing some relief to borrowers as rates dipped back towards the 5 percent range. However, it’s essential to remember that these rates can drastically change based on external factors, including economic stability or movements in the housing market.
Also, the trend isn’t uniform across all types of mortgages. For instance, fixed-rate mortgages have remained stable, while adjustable-rate mortgages have been more susceptible to the shifting economic tides, leading to varying payment terms.
Comparison with Previous Years
When drawing comparisons with previous years, it's apparent that Iowa’s mortgage interest rates have not behaved uniformly. For instance, back in 2020, rates hit all-time lows, hovering between 2.5 to 3.5 percent. This low period painted a rosy picture for many homebuyers, who leveraged these historic rates to secure more favorable loan terms.
Fast forward to 2021 and 2022, and the market started responding to inflationary pressures, with rates creeping up steadily. The average homebuyer in Iowa witnessed a stark contrast in borrowing costs, a qualitative jump from that comfortable period.
Reflecting more closely:
- 2020: 2.5% to 3.5%
- 2021: 3.0% to 4.0%
- 2022: 4.0% to 5.5%
- 2023: 5.0% to 7.0%
Comparatively, these figures underscore the volatility that homebuyers are facing. While the steady ascent in mortgage rates can deter buyers, limiting their options, it's also prompted a reevaluation of home values across the state.
As real estate professionals keep a close watch on these indicators, potential buyers should do the same; keeping track of rates can lead to better timing and more strategic decision-making.
Factors Influencing Mortgage Interest Rates
Understanding the factors that play into mortgage interest rates is crucial for anyone navigating the world of home loans, especially in Iowa. These rates don't operate in a vacuum; they are deeply intertwined with the economy, government policies, and local housing quirks. By breaking down these elements, one gains insight into why rates fluctuate and how to time their mortgage application advantageously.
Economic Indicators
Economic indicators serve as the compass for mortgage rates. When we talk about figures like the unemployment rate, inflation, and GDP growth, we’re not just spouting off statistics—they actively shape the lending landscape. For instance, a robust economy often leads to higher interest rates. This is partly because of the Fed's actions in reacting to inflation pressures that may bubble up.
Generally, if inflation is rising, the purchasing power diminishes, prompting lenders to raise rates to offset the risk of losing money. Mortgage seekers ought to keep an eye on these indicators, as they can impact affordability directly.
"Half the battle is knowing what’s cooking in the economy. It saves you from being left in the dust when interest rates start to soar."
Consider the recent trends showing that as the cost of living increased, many Iowan homebuyers faced steeper monthly payments.
Federal Reserve Monetary Policy
The Federal Reserve Monetary Policy wields considerable influence over mortgage rates. By adjusting the federal funds rate, the central bank effectively controls the flow of money in the economy. When rates fall, borrowing becomes more affordable, encouraging homebuyers to jump into the market. On the flip side, when the Fed raises rates, the cascading effect makes mortgages pricier.
For Iowans looking at mortgages, trends from Federal Reserve meetings can be akin to reading the tea leaves. A hint of rate hikes may prompt potential buyers to rush into securing loans before the rates go up. Thus, understanding the Fed's stance on inflation and economic stability can guide borrowers in their decision-making process.
Local Housing Market Dynamics
The local housing market in Iowa is a beast of its own, driven by factors unique to the state. Supply versus demand plays a pivotal role here. If there's a sudden influx of new residents, the demand for housing skyrockets, which can pressure interest rates upward due to competition among buyers.
A robust local economy means more jobs, which tends to increase housing activity and hence, the need for mortgages. Conversely, in areas where the market stagnates, lenders might offer rates that are more favorable as they try to attract borrowers. So, whether you're considering a bustling area like Des Moines or a quieter town, local trends can significantly influence your mortgage rate.
By recognizing these various influences, prospective buyers in Iowa can better position themselves in the market, weighing their options against economic shifts and local changes.
Types of Mortgage Loans Available in Iowa
When considering the home-buying journey, understanding the different types of mortgage loans becomes paramount. Each mortgage type comes with its own set of benefits and considerations, making it essential for potential buyers in Iowa to navigate these options wisely. Selecting the right mortgage can significantly impact monthly payments, long-term financial strategies, and overall homeownership experience.
Fixed-Rate Mortgages
Fixed-rate mortgages are among the most straightforward mortgage types available in Iowa. With this kind of loan, borrowers can enjoy the peace of mind that their interest rate—and thus their monthly payments—will remain unchanged over the life of the loan. This can span anywhere from 10 to 30 years, offering stability in a fluctuating market.
There are a few key benefits to consider:
- Predictability: Fixed-rate mortgages simplify budgeting since the amount doesn’t change.
- Protection Against Rising Interest Rates: If rates climb, you’ll still benefit from a lower rate secured at the time of purchase.
- Easier Planning: With a consistent payment, homeowners can manage their finances better, which is particularly useful for those on fixed incomes.
However, it’s not all roses. If interest rates happen to drop significantly after purchasing, homeowners won’t be able to take advantage without refinancing, which could entail extra costs.
Adjustable-Rate Mortgages
On the flip side, adjustable-rate mortgages, often known as ARMs, present a different set of rules that might appeal to certain home buyers. Initially, these loans come with a lower interest rate that adjusts after a predetermined period, typically ranging from three to ten years.
Things to keep in mind:
- Lower Initial Payments: Because of the lower beginning rate, ARMs can make homeownership accessible for many who might find a fixed-rate mortgage daunting.
- Potential for Savings: If the market remains stable or rates decline, borrowers could see their payments decrease.
But it’s essential to weigh the potential drawbacks. The interest rate can increase significantly once the initial period ends, potentially stretching budgets and making payments unpredictable.
Government-Backed Loans
Government-backed loans offer an alternative for prospective buyers, often designed specifically for those who may not qualify for traditional loans. This category includes loans such as FHA, VA, and USDA loans. Each of these comes with its distinct features:
- FHA Loans: These loans cater to lower-income individuals and first-time buyers, allowing for lower credit scores and down payments as low as 3.5%.
- VA Loans: As an incentive for veterans, these loans often require no down payment and no private mortgage insurance (PMI), making them highly attractive.
- USDA Loans: Focused on rural homebuyers, this option also offers no down payment, along with competitive interest rates tailored for lower to moderate-income households.
Each government-backed option opens doors for many Iowans who might otherwise be left out of the homeownership dream.
Lender Options in Iowa
When it comes to a critical decision like obtaining a mortgage, understanding the various lender options in Iowa is paramount. With the right lender, homebuyers can navigate the complex landscape of financing, making informed choices that can lead to significant savings. In Iowa, a potpourri of lenders is available, each offering unique products, terms, and personalized services to cater to diverse financial situations.
Local vs. National Lenders
In Iowa, homebuyers often find themselves weighing the benefits of local lenders against national ones. Local lenders, such as community banks and credit unions, have a deep-rooted understanding of the regional housing market. They often offer tailored products that can align better with local borrowers' needs. Plus, borrowing from a local institution can lead to more personalized customer service.
On the other hand, national lenders like Bank of America or Wells Fargo can provide extensive resources and a variety of mortgage products. They might offer competitive rates due to their larger scale and established infrastructures. However, the intimacy and proximity of local lenders might tip the scales for those seeking a personal touch in the lending process.
Credit Unions and Community Banks
Credit unions and community banks represent an invaluable segment of Iowa's lender ecosystem. These institutions often prioritize their members' or customers' welfare over profits, potentially extending more favorable terms. Credit unions may provide lower interest rates and fewer fees because of their non-profit status and member-driven model.
Community banks, on the flip side, foster strong ties with local communities, which manifests in their willingness to understand individual circumstances. They are more likely to consider unique financial situations holistically, rather than sticking rigidly to standardized criteria. This can prove beneficial, especially in the initial stages of the mortgage application process, where an understanding of local market dynamics is key.
Online Mortgage Lenders
As technology continues to change the financial landscape, online mortgage lenders have emerged as formidable players in the Iowa market. Companies like Quicken Loans and Better.com offer streamlined processes, allowing borrowers to apply for a mortgage from the comfort of their sofa.
The primary advantage of online lenders is the convenience they offer. Borrowers can compare rates easily and often receive quicker pre-approvals than traditional lenders. That said, while the ease of use and fast processing times are enticing, it's crucial for borrowers to cautiously vet these lenders. Not all online platforms provide the same level of service or competitive rates.
"The choice of a lender can significantly impact the overall cost of your home."
Ultimately, it's about identifying the right fit that aligns with individual financial goals and preferences.
The Application Process for Mortgages
Navigating the realms of mortgage applications can feel like deciphering a puzzle box at times. Yet understanding the application process is paramount for anyone looking to secure a loan for their dream home in Iowa. This section breaks down the key stages of applying for a mortgage, shedding light on vital elements, benefits, and considerations that homebuyers in Iowa should be mindful of.
Pre-Approval vs. Pre-Qualification
When getting started, it’s common to hear about pre-qualification and pre-approval. Both processes play crucial roles, yet they aren't identical. Pre-qualification is like dipping your toe into the water; it gauges your ability to borrow without the nitty-gritty of formal checks. It’s often based on a self-reported snapshot of your financial situation. You provide information on your income, debts, and assets, and the lender gives you an estimate of what you might qualify for.
On the other hand, pre-approval is a more in-depth measure. This part of the process involves a lender verifying your credit, income, and assets, often requiring you to submit documentation like pay stubs or tax returns. It’s akin to receiving a golden ticket; pre-approval shows sellers you mean business, potentially strengthening your negotiating power when putting in offers on homes.
Required Documentation
Getting your ducks in a row when it comes to documentation cannot be overstated. Lenders require you to furnish various documents that prove your financial health. These may include:
- Two years of tax returns – Providing these documents allows lenders to assess your income consistency.
- Recent pay stubs or proof of income – A clear snapshot of what you earn regularly can make or break your application.
- Bank statements – Illustrating your savings can work in your favor, especially when outlining your down payment.
- Credit history – Lenders will scrutinize your credit report to gauge your ability to repay the loan.
Having this documentation ready can expedite the process, as it speaks to your organization and preparedness. Without it, expect to face unnecessary delays and frustrations.
Understanding Closing Costs
Closing costs might feel like the final hurdle before homeownership, but being savvy about them can save you a bundle. These are fees you pay to finalize your mortgage agreement and vary greatly, but they typically range from 2% to 5% of the loan amount. Common costs associated with closing include:
- Loan origination fees – This covers the lender's costs for processing your loan.
- Appraisal fees – To confirm the home's market value, an appraiser will need to evaluate the property.
- Title insurance – This protects against any claims arising from issues with the title of the property.
- Attorney fees – In some states, it’s customary to have an attorney involved in the closing process.
Understanding these costs ahead of time allows you to budget more effectively and avoid surprises. A well-informed homebuyer is better equipped to navigate the complexities of closing, making the transition smoother.
Takeaway: Understanding the application process can help you make informed decisions and avoid pitfalls that may arise during your home-buying journey.
Strategies for Securing Favorable Rates
In the highly dynamic world of mortgage financing, finding a favorable rate can be as essential as finding the right home. The strategies for securing favorable mortgage rates can greatly influence your financial future. When rates dip, every basis point you save translates to thousands of dollars over the loan's lifespan. Thus, understanding and employing effective strategies is pivotal.
A few factors encapsulate this discussion:
- The nuances of your financial profile;
- How market conditions can affect your options;
- The choices you make in the lending process.
Taking this into consideration, it’s vital to explore practical steps that can position you favorably when it comes to mortgage rates.
Improving Your Credit Score
One of the first lines of defense in securing a low mortgage rate is optimizing your credit score. A high score not only strengthens your application but also enhances your negotiating power with lenders.
Here's why it matters:
- Risk Assessment: Lenders see your credit score as an indicator of risk. A higher score can mean lower rates.
- Better Mortgage Options: A robust credit score opens doors to a variety of loan products that may not be available for lower scorers.
- Potential for Lower Fees: Some lenders may waive certain fees if you have a stellar credit profile.
To improve your score, focus on the following:
- Timely Payments: Make sure bills are paid on time to keep derogatory marks at bay.
- Debt Management: Aim to reduce credit card balances, ideally to below 30% utilization.
- Check Your Report: Review your credit report for errors, and dispute any inaccuracies.
Making a Larger Down Payment
The size of your down payment can significantly impact the interest rate a lender may offer. Higher down payments demonstrate financial stability and reduce the lender's risk. A larger upfront payment can lead to:
- Lower Interest Rates: Many lenders reward bigger down payments with diminished rates.
- Avoiding PMI: Putting down 20% or more frequently eliminates the need for private mortgage insurance, decreasing overall costs.
- Greater Equity: Starting with a larger equity stake can ease future refinancing options or home sales down the line.
If feasible, consider saving more before jumping into the buying process.
Shopping Around for Rates
Lastly, one of the smartest moves a borrower can make is to shop around for rates before settling on a lender. Much like hunting for the best deal on a car, comparing mortgage offers can yield massive savings.
Key aspects include:
- Diverse Rate Offers: Different lenders may offer different rates based on their own assessments and business models.
- Assessing Loan Terms: Look beyond just the interest rate; explore various terms and fees related to the loans.
- Negotiation Opportunities: Once you gather multiple offers, you might leverage them against each other to negotiate better terms.
Impact of Mortgage Rates on the Housing Market
Mortgage rates play a pivotal role in shaping the housing market. They not only influence the cost of borrowing but also impact buyer sentiment and overall market health. When rates soar, potential buyers may hesitate, causing a ripple effect throughout the market. Conversely, lower rates can spark a surge in activity, as people see an opportunity to secure favorable financing for their dream homes.
High mortgage rates can lead to a cooling off of sales, affecting both buyers and sellers. Sellers may have to adjust their expectations, lowering home prices to entice buyers who are feeling the pinch of higher monthly payments. Understanding the dynamics here is crucial for anyone planning to enter the market, whether as a buyer or an investor.
"Mortgage rates act as a thermostat for the housing market, determining the temperature of buyer activity."
When considering the overall economic climate, mortgage rates are often the barometer. Factors such as employment rates, wage growth, and consumer confidence all come into play. A thriving job market generally correlates with a willingness to take on debt, leading to increased demand for housing. However, this demand is often tempered by interest rates. In an environment where rates are rising, buyers might feel stretched thin, leading to hesitancy and ultimately fewer transactions.
Essentially, understanding the impact of mortgage rates on the housing market can offer valuable insight into predicting market trends. Let's dive deeper into the specific effects that these rates can have on home sales and prices in Iowa's housing market.
Effects on Home Sales
The relationship between mortgage interest rates and home sales in Iowa is fairly straightforward. When rates rise, affordability dips. Buyers may find that their monthly payments increase, making it harder to qualify for a loan. This situation often leads to decreased buyer activity, as people decide to wait it out, hoping for better lending conditions.
- Higher Mortgage Rates: When rates go up, potential buyers might opt to stay in their current homes rather than commit to a new mortgage.
- Buyer Sentiment: A general mood of uncertainty can force many buyers to pause their home search, skimming the market for better rates or waiting for prices to adjust.
- Market Saturation: Seller's markets can take a hit as fewer buyers choose to engage in purchasing homes, leading to more properties hanging around longer.
In Iowa, these changes can ripple through neighborhoods. Areas previously in high demand may see a surprising slowdown, while locales with more attractive prices might pick up just enough sustainability to offset some losses.
Home Price Trends
As mortgage rates fluctuate, they have a direct effect on home pricing trends. When rates are lower, more buyers enter the market, potentially driving prices up due to increased competition. In contrast, higher rates often lead to a decrease in demand, prompting sellers to reconsider their asking prices to attract buyers.
- Price Adjustments: Sellers might have to reconsider the listing price of their homes if they notice more for-sale signs popping up than sold signs. A common strategy may involve reducing prices to stimulate buyer interest again.
- Economic Correlation: Analyzing trends in home prices alongside mortgage rates can reveal underlying economic patterns. For instance, sudden spikes in rates may coincide with a leveling out or drop in home values.
- Long-Term Trends: Over time, examining the interplay between these elements can yield a clearer picture of the housing market. Regions that experience a consistent rise in interest rates may start to see price stagnation or decreases in property values, while those with steadier rates may encourage robust growth.
Future Outlook for Mortgage Interest Rates in Iowa
The future of mortgage interest rates in Iowa is a topic that warrants considerable attention from both prospective homeowners and investors. With the shifting economic climate and evolving market dynamics, understanding how mortgage rates could fluctuate is paramount. A well-informed stance on rate changes can significantly impact decision-making processes related to home purchases, refinancing, and investments in real estate. As readers navigate these murky waters, insight into forthcoming trends becomes not just advantageous but essential for securing favorable financial futures.
Predictions from Financial Analysts
Financial analysts often employ a variety of indicators to forecast the trajectory of mortgage rates. For instance, the movements of the Federal Reserve play a pivotal role. When the Fed raises or lowers its benchmark interest rates, it subsequently influences mortgage rates across the board. Analysts scrutinize a myriad of data, including inflation rates, employment numbers, and consumer spending trends.
Considering current economic conditions, many experts predict that Iowa’s mortgage rates could maintain a relatively stable course in the short term, but potential long-term increases are not out of the question.
In addition, the bond market can also provide valuable hints about future interest rates. If the yields on 10-year Treasury bonds rise, mortgage rates typically follow suit. This correlation emphasizes the importance of staying attuned to national fiscal policies and market dynamics.
Key Considerations in Predictions:
- Federal Reserve Actions: Their policies significantly impact monetary conditions.
- Economic Growth: Indicators such as job creation and wage growth can signal rate changes.
- Inflation Trends: Higher inflation tends to push rates up.
Potential Economic Influences
The broader economic landscape influences mortgage interest rates in a multitude of ways. In Iowa, local economic factors such as job growth, population changes, and the overall health of the housing market can sway the financial climate.
- Local Job Market: A robust job market often leads to increased demand for housing, potentially raising interest rates as lenders seek to capitalize on a more competitive environment.
- Population Trends: Areas experiencing growth often see a surge in housing demand. A higher demand can naturally lead to increased mortgage rates as buyers and investors vie for available properties.
- Consumer Confidence: When consumers feel secure in their financial futures, they are more likely to take out loans, impacting demand for mortgages and, subsequently, their rates.
As we consider the future, it becomes clear that monitoring both local and national economic indicators is crucial for understanding how rates in Iowa might evolve. The interplay between these elements will dictate the mortgage landscape, guiding consumers and investors in their journey towards homeownership.
The End
In this article, we have thoroughly examined the current mortgage interest rates in Iowa, shedding light on their implications for homebuyers and investors alike. Understanding the nuances of mortgage rates is crucial because it significantly affects purchasing power and overall financial health. Here are some key elements and considerations we emphasized:
- Importance of Current Rates: Staying updated with the latest interest rates helps homebuyers assess when to enter the market.
- Impact on Home Prices: As rates change, so does the landscape of home buying, influencing prices and sales volumes.
- Various Loan Types: Knowing the different mortgage options allows individuals to tailor their choices according to their financial situations.
By recognizing these aspects, readers are better equipped to navigate the complex world of mortgages in Iowa. It's not just about securing a loan; it’s about making a savvy investment that aligns with one's long-term financial goals.
Recap of Key Points
- The current mortgage rates in Iowa have shown notable trends reflecting national patterns.
- Economic indicators and local housing market dynamics play a significant role in influencing these rates.
- Different types of mortgages cater to varying needs, from fixed-rate to adjustable-rate loans.
- Lender choices are abundant, including local credit unions and online platforms.
- Strategies to improve credit scores and down payments can help in securing favorable rates.
In reviewing all these insights, it appears that being well-informed is the best strategy. Knowledge equips potential buyers to make informed decisions in the face of fluctuating market conditions.
Final Thoughts on Navigating Iowa's Mortgage Landscape
Navigating Iowa's mortgage landscape doesn't need to feel like walking through a minefield. By taking proactive steps, prospective buyers can turn what may seem like a daunting process into manageable phases. Here are some final thoughts:
- Research Before You Leap: Take the time to analyze your options. Look into trends, lender reputations, and interest rate fluctuations to gauge the market effectively.
- Engage with Professionals: Consulting with mortgage brokers and financial advisors can provide valuable insights that cater to individual needs.
- Be Ready for Adjustments: As the market evolves, being adaptable can be a significant advantage. Stay prepared for changing rates and reassess financial strategies as necessary.
Next time you’re considering a mortgage in Iowa, remember: knowledge is your best tool. Equip yourself, stay vigilant, and you’ll have a stronger hand in getting the right deal.
