Why Would You Want an Option to Float Down your Rate?

When you get approved** for a mortgage loan, the terms are based on a specific, agreed-upon interest rate. In most approved loan agreements, this rate is locked, meaning it won’t change even if the market rates go up or down. That protects your rate from rising, but what if rates go down? At PrimeLending, we allow you to elect to float down your rate one-time within twenty days of your closing if there has been adequate market improvement. The Float Down option gives you the ability to lock-in, meaning your rate won’t rise, and also rest easy knowing that if there is a significant drop in interest rates, you have an option to elect to reduce your rate with PrimeLending. Contact me to learn more.*

* Additional restrictions and conditions may apply.
** A prequalification is not an approval of credit, and does not signify that underwriting requirements have been met.

 

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