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Can A Mortgage Broker Unlock My Current Mortgage Interest Rate?

By Bob Redtree

When shopping for a mortgage, many people choose to work with a mortgage broker.  While mortgage brokers have a strong relationship with a variety of mortgage lenders, the main advantage is that they can lock you into a low rate.  However, it should be noted that there are various situations when a mortgage broker could unlock your rate.

When Interest Rates Lower

The first situation when a mortgage broker could unlock your current mortgage interest rate is when mortgage rates lower.  While you may have an interest rate locked for 30-45 days, if rates improve before you close on the loan, the mortgage broker can still unlock the rate so you can get an even better rate.  This could save you hundreds of dollars each month in excess interest charges.

When Your Credit Profile Changes

The second situation when a mortgage broker could unlock your current mortgage interest rate is when your credit profile changes.  While you may have a rate locked, the mortgage broker may unlock and change your rate if your credit profile worsens.  For example, if negative information pops up at the last minute on your credit report, the mortgage broker may no longer be able to offer you the competitive rate that they once could.

When the Lock Period is Over

The third situation when a mortgage broker could unlock your current mortgage interest rate is when the lock period is over.  Most mortgage brokers are willing to lock in your interest rate for a period of 30 to 45 days.  Once that rate lock period is over, the mortgage broker will have the right to unlock your interest rate forcing you to accept the current rates.

Related posts:

1. Does Changes To The Contract Unlock My Mortgage Loan?
2. How Do Mortgage Broker Float Loan Rates?
3. Can Changes To My Contract Unlock My Mortgage Loan?
4. How Can A Mortgage Broker Help Me With My Mortgage Rate?
5. How Far Out Can You Lock A Mortgage Rate?