Switch Mortgage Rate Lock or Not
by Belle from Georgia, USA
Switch Mortgage Rate Lock or Not: Kate, we completed our mortgage rate lock late last week with our mortgage broker. We would not have been aware that refinancing would be a good option for us at this time except he took the time to call us.
When he called, he informed us that we would benefit from a refinance and that the interest rates had dropped to such a point that we should jump on it.
Now we hear that the Fed is thinking of dropping the rate even further, to 4.5 percent, we are half a point above that, so do we pull out or not.
I say NO, we may talk with our mortgage broker and see if we would be penalized for breaking the mortgage rate lock and going lower.
I have done business with this broker for some time now and would not feel right doing this to him. What goes around comes around and in the end doing something like this is liable to come back and bite you back.
Kate Answers: Switch Mortgage Rate Lock or Not
Hi Belle, Thanks for sharing about your experience with the mortgage rate lock situation.
Your loyalty to your mortgage broker is refreshing. It certainly sounds like you have the type of broker who will go to the ends of the earth to make sure you get the best deal possible.
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