Refinancing Advice Ethical or Unethical

by Drew
(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.

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Best Wishes,


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