Upfront Mortgage Rate Lock Talk

by Angela Wiley
(Cocoa, FL, USA)

Regarding Upfront Mortgage Rate Lock Talk
Note from Kate: I like this view regarding mortgage rate lock, that is having an upfront talk at mortgage application. See what you think...



Dear Kate, If I found that it would definitely benefit me, I would switch to another mortgage broker if my broker was unwilling to re-negotiate my interest rate.

Although we feel that we should depend on our mortgage broker to be our financial advisers and look out for our best interest, in many cases they look out for themselves in means of profitability. They charge junk fees and will assess origination fees when it is not really applicable.

At this day and age and the way the current market is declining, it is best to take an opportunity when given. The consumer needs to do what is more beneficial for their financial circumstances.

Homeowners have different reasons for refinancing. It could be to get out of an adjustable rate mortgage, combine their 1st and 2nd mortgages or pay off credit cards with high interest rates.

On a 30 year fixed rate mortgage, if the interest rates drop even half a point it would save thousands of dollars through out the life of the loan.

So the correct approach would be to have a conversation with the mortgage broker at time of application. Ask if interest rates drop, would they be willing to re-negotiate the mortgage rate lock.

Most mortgage brokers would agree they do have the connections to re-negotiate your lock. They may be charged a penalty that sometimes would be passed along to the borrower in the form of an origination or discount fee but might be worth considering.

More Upfront Mortgage Rate Lock Talk


Hi Angela, Thanks for sharing your opinion about mortgage rate lock. I especially liked what you had to say about having a frank talk upfront about mortgage rate lock.

I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. Of course, all of my information is free.

So remember to bookmark Get Your Best Mortgage Rate to your favorites and visit often for up to date homeowner tips, news and advice.

You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,





Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get Your Best Mortgage Rate

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