Refinancing Advice Ethical or Unethical
(New York, NY USA)
Ask Kate: Refinancing Advice Ethical or Unethical Here is thought provoking refinance advice regarding a mortgage rate lock. Ethical Or Unethical - What Would You Do?
Hi Kate, Depending on my relationship with my mortgage broker and the variation in the rates I would get for switching after locking my rate, I’d probably stick with my original broker.
I always try to time my major financial decisions to work with the market, not against it, and so I can’t imagine that I’d have a record-high mortgage rate when others are in the basement.
Chances are, a solid relationship with a mortgage broker I know and can trust is more valuable than an adjusted mortgage rate.
Also, I think the next time I needed to get a mortgage, I could leverage my loyalty for a better rate in the future, considering I remained with my broker even though I could have moved on to a better deal.
Good relationships are very hard to come by, and getting a different lender to process my refinance could take weeks more. I don’t really have a lot of concern for ethics in dealing with mortgage brokers because of the way the world works; people who move around interest rates get paid for the work that other people are doing.
However, it would be a tough break for any broker to have a project they spent weeks on fall through. Also, I generally avoid conflict at all costs, so I’d be unlikely to “betray” a mortgage lender in such a way. Drew
Kate Answers: Refinancing Advice Ethical or Unethical
Hi Drew, I always have appreciated the loyalty of my clients over the years and went the extra mile to get them their best mortgage rate, even after locking.
Your refinancing advice rings clear with me.
"Good relationships are very hard to come by."
I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. So remember to bookmark Get Your Best Mortgage Rate
to your favorites and visit it often for up-to-date homeowner tips, news and refinancing advice.
You can also invite friends to comment on this page or create a page of their own like you did.
P.S. Go to my Best Mortgage Rate Blog
, an entertaining source of mortgage information. Subscribe now to the RSS feed.
Finding Help You Need for Refinancing
Refinancing Advice - Your opportunity to get down to earth refinance nuts and bolts from a mortgage insider.
Having trouble refinancing your mortgage due to fallen property values? Go to Special Edition Making Home Affordable Options.
USDA Rural Home Loan Refinance with no appraisal, no credit report, and no debt-to-income calculations.
Announcing Kate's Mortgage Information Planner - To save money, get your ducks in a row first.
Are you a homeowner trying to decide if Mortgage Refi is worth the cost?
How To Compare Mortgages - Yes it is enough to make anyone want to toss up their hands.
New! Ask Kate's secret to reducing mortgage refinancing costs. Home buyers should read this too!
Real Estate Investor Loans - Three options for investors.
Surprise, it's a barn! Is a Certificate Of Occupancy necessary for your home mortgage refinance?
Refinance With Cash Out - Where is my loan approval?
Save money using My Special Refinance Formula.
Fresh Refinance Ideas - Reasons why and why not to refinance.
Discover my Secrets To Refinancing based on Robin's story
Low Mortgage Payments For Home Owners - Learn how to ask questions and qualify your lender.
Don't be distracted by refinancing lingo. 10 best kept secrets to Low Mortgage Payments.
A collection of Ask Kate Refinancing Questions and Answers II.
A collection of Ask Kate Refinancing Questions and Answers I.
Return from Refinancing Advice Ethical or Unethical to Get Your Best Mortgage Rate