by Catherine
(Wilmington, DE )
Regarding the lowest mortgage rate lock
Hi Kate, If my mortgage broker got me an interest rate and then I found out that I could get a better mortgage rate lock elsewhere I would definitely switch. I would switch even if the original broker would be penalized and the rates plummeted.
I really should have done as much research as possible in advance. I should have found out if mortgage rates were expected to fall over the course of the next few weeks or months.
However, if I had done all of my research and rates still fell unexpectedly I can't be faulted for taking advantage of a better interest rate because that interest rate will affect my life for the next 30 years.
It is crucial that I get the best rate possible. It is more important that I worry about my financial security than the broker who is losing out on the deal.
I don't fully understand why this broker would be penalized for this. Would he be penalized through his company?
Regardless, as long as it was legal for me to do so I would switch to the lower interest rate. It is understandable that anyone would. Catherine


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