Question : What happens when you start the refinance proecss (lock), but find lower rates later?
I locked with lender 20days ago but rates have significantly dropped. Can i exit the exisiting rate (i am willing to pay penalty) and refinance elsewhere? or will the existing refi lender work with me? I don’t have a float down option
lowest refinance rates

Best answer:

Answer by efflandt
Typically you had to pay a fee to lock in a rate, and you lose that fee if you renegotiate the rate lower or finance elsewhere.