Question by Vindaloo99: I locked a mortgage refinance rate; should I walk if I find lower?
Might the lender be willing to lower his rate quote? or must I find a new lender if I think I can find a lower rate?
Answer by golferwhoworks
you can do as you wish but you may need to know that you may have hits to the rate every where you go and I can quote you 1 rate but when in truth I have not looked at the hits and you may be %-% the exact same one you already have
Know better? Leave your own answer in the comments!
UNLESS you are working directly with a bank……..?
quietly, covertly, find also a mortgage broker.
the bank only uses THEIR cash, the broker has lots of
Consider all of the closing costs involved in a new finance verses a refinance. The costs may be considerable to get a new loan including shifting what you may still owe on the property to a new loan. Usually it is cheaper to refinance
If you’re going with a bank certainly see if they can lower it. If you’re with a broker get a few quotes from some different brokers and see who comes out best. Get references from friends or family for someone they use.
Brokers can swap lenders if rates go lower, or renegotiate w/lenders, so you’ll have better luck than with a bank.