Comments on: Is it Ethical to Re-Lock your Mortgage Deal when Rates Drop? http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/ Financial Evolution: Education, Adaptation, Achievement Mon, 15 Mar 2010 21:36:30 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Morey http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/comment-page-1/#comment-2398 Morey Sat, 17 Oct 2009 04:08:17 +0000 http://www.darwinsfinance.com/?p=279#comment-2398 <i><b>"......You are violationg the terms of a financial agreement with another human being."</b></i> What terms of what agreement? The lender has agreed to lock in a rate for you. - What have you agreed to in exchange for the lock-in? Nothing. You have promised nothing in exchange for the lock-in. You simply have an application for a mortgage pending - an application that you can withdraw at any time. You would not be breaking any agreement that you made, if you did so. “……You are violationg the terms of a financial agreement with another human being.”

What terms of what agreement? The lender has agreed to lock in a rate for you. – What have you agreed to in exchange for the lock-in? Nothing. You have promised nothing in exchange for the lock-in.

You simply have an application for a mortgage pending – an application that you can withdraw at any time. You would not be breaking any agreement that you made, if you did so.

]]> By: Greg http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/comment-page-1/#comment-2244 Greg Mon, 05 Oct 2009 11:25:50 +0000 http://www.darwinsfinance.com/?p=279#comment-2244 I believe the mortgage lenders have already planned for this by requireing a non-refundable mortgage application fee be paid prior to starting the mortgage process. So they are being compensated for their work if you decide to pull out of the deal. Therefore since compensation is being paid this would not be unethical. I believe the mortgage lenders have already planned for this by requireing a non-refundable mortgage application fee be paid prior to starting the mortgage process. So they are being compensated for their work if you decide to pull out of the deal. Therefore since compensation is being paid this would not be unethical.

]]> By: Adam http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/comment-page-1/#comment-810 Adam Thu, 04 Jun 2009 20:51:24 +0000 http://www.darwinsfinance.com/?p=279#comment-810 If you study ethics, it is clearly unethtical. You are violationg the terms of a financial agreement with another human being. The argument for violating the agreement amounts vaguely to 'everybody else is doing it' which, per se, should raise the ethicists attention level. If you study ethics, it is clearly unethtical. You are violationg the terms of a financial agreement with another human being. The argument for violating the agreement amounts vaguely to ‘everybody else is doing it’ which, per se, should raise the ethicists attention level.

]]> By: justlockedin http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/comment-page-1/#comment-781 justlockedin Fri, 29 May 2009 16:13:20 +0000 http://www.darwinsfinance.com/?p=279#comment-781 The borrowers' relationship to the lender is strictly business. Nothing personal. If you can get a better deal elsewhere, then you should be free to do so. Besides, it's not like the lenders' children are going to go hungry just because they'll lose a few thousand out of the hundreds of thousands they'll make from your interest payments! The borrowers’ relationship to the lender is strictly business. Nothing personal. If you can get a better deal elsewhere, then you should be free to do so.

Besides, it’s not like the lenders’ children are going to go hungry just because they’ll lose a few thousand out of the hundreds of thousands they’ll make from your interest payments!

]]> By: * Weekly Highlights: April 5, 2009 http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/comment-page-1/#comment-406 * Weekly Highlights: April 5, 2009 Wed, 08 Apr 2009 02:08:24 +0000 http://www.darwinsfinance.com/?p=279#comment-406 [...] one.Our government invests in failure at Rocket Finance — Great article. What do you think?Is it Ethical to Re-Lock your Mortgage Deal when Rates Drop? at Darwin’s Finance — Are you kidding? No, it’s not unethical.Trading Time for [...] [...] one.Our government invests in failure at Rocket Finance — Great article. What do you think?Is it Ethical to Re-Lock your Mortgage Deal when Rates Drop? at Darwin’s Finance — Are you kidding? No, it’s not unethical.Trading Time for [...]

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]]> By: Festival of Frugality - The “Hey I’m Hosting” Edition | Lady Luck http://www.darwinsfinance.com/is-it-ethical-to-re-lock-your-mortgage-deal-when-rates-drop/comment-page-1/#comment-332 Festival of Frugality - The “Hey I’m Hosting” Edition | Lady Luck Sat, 04 Apr 2009 00:32:20 +0000 http://www.darwinsfinance.com/?p=279#comment-332 [...] presents Is it Ethical to Re-Lock your Mortgage Deal when Rates Drop? posted at Darwin’s [...] [...] presents Is it Ethical to Re-Lock your Mortgage Deal when Rates Drop? posted at Darwin’s [...]

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