Refinancing And Mortgage Rate Lock
(Denmark, WI, USA)
Regarding refinancing and mortgage rate lock Hi Kate. This is my opinion. In the case of breaking a mortgage rate lock while refinancing, even though it might penalize the broker, I would say yes.
It may not be the most ethical thing to do, but if I had a loan, I would have to refinance at the lower rate due to limited income.
The more money I have to spend on the necessities of life, the better. Also, property taxes and utility bills would factor into this decision.
In all honesty, I would feel bad about breaking the mortgage rate lock for the broker, but since it would be a necessity due to a low income, I would not have much of an alternative.
Maybe the mortgage broker could make up for it by getting another client or I could take the person out to dinner for free to make up for it?
I feel that the money saved from switching mortgage companies for a lower interest rate is more important than the penalty. After all, most people are not rich and cannot afford high mortgages in the first place. The broker can earn more money by making new deals, while I can't just come up with miraculous money.
I hope that I have sufficiently made my case for refinancing, switching lenders and breaking a mortgage rate lock for a lower interest rate.
Kate Answers: Refinancing And Your Mortgage Rate Lock
Hi Amy, If mortgage rates drop during your mortgage application process, whether you are refinancing or buying a house, an additional thought on the mortgage rate lock is to talk with your lender and ask if there is any wiggle room to get a lower interest rate.
This can save a mortgage borrower time, energy and the risk of re-applying for a new mortgage.
You've heard of a win-win situation!
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