Switch Mortgage Rate Lock or Not

by Belle
(Georgia, USA)

Switch Mortgage Rate Lock or Not
A Readers opinion about mortgage rate lock and what goes around, comes around! 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 and inform 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%, 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.

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.

I hope you'll invite friends to comment on this page. Come back to contribute again in the future.

Of course, all of my information is free. So remember to add Get Your Best Mortgage Rate to your favorites and visit it often.

Best Wishes,



Your Online Mortgage Advice Friend

Best Mortgage Advice | Affordability | Pre Approval
Closing Costs | Compare Rates | Rate Lock | Online Advice

Do you know when to lock in your interest rate? Discover Kate's mortgage rate lock guarantee.