Best Mortgage Advice Skating A Fine Line
by Rachael from Brighton, CO USA
My best mortgage advice is like skating a fine line... It is hard to say whether or not it would be unethical to switch lenders while refinancing for a fixed rate mortgage.
While it may not always be the popular thing to do, essentially homeowners need to look out for themselves and their best interests. They are not homeowners to win friends at their mortgage company. Most likely, the homeowner will never see or hear from the lender again, and probably has no personal ties.
My best mortgage advice? While it may not always be the most tasteful thing to do, switching lenders to receive a better interest rate is going to ultimately be the homeowners' best bet.
He or she will likely save thousands of dollars a year in disposable income, and could mean the difference between a paycheck to paycheck lifestyle, and a comfort zone and a means of accumulating more wealth. Rachael
Kate Answers: Best Mortgage Advice Skating A Fine Line
Hi Rachael, Assuming a homeowner is pleased with the bank or lender during the mortgage process, the first step could be to contact the lender, asking for a lower mortgage rate in the case of the feds cutting interest rates again.
That simple solution could save the borrower the time and potential application expense of switching to another lender.
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