Definition: The word "are mortgage rates negotiable" means that the terms of the loan, including interest rate, terms of payment, or any other factors related to the mortgage are negotiable. This implies that there can be some level of flexibility or possibility for the borrower to negotiate the terms of the loan with their lender. Here's a more detailed definition of what "are mortgage rates negotiable" means: - Are: A verb in the present tense, indicating possession or ownership. - Mortgage: An obligation by one person (the borrower) to another person (the lender) to borrow money. In most cases, this is done for the purpose of acquiring property such as a home or land. - Rates: The amount of interest charged on loans. This can include variable rate mortgages where the loan interest changes based on the market value of the house being purchased. - Negotiable: Possessive and refers to having some level of flexibility or possibility. In this context, it means that there is some level of negotiation or agreement between the borrower and lender about how much money is being lent out. The act of negotiating terms with a lender or paying for a mortgage indicates that the terms of the loan are negotiable. However, negotiations can also be an option for borrowers who prefer to understand their options before signing any agreements.
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