Rate Float Down

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blog-author-clayjeffreys2

My last two posts detailed rising interest rates over the past month. Now buyers are not only looking for homes, but also wondering when is a good time to lock. I mean, rates rose dramatically. Do I think there will be a rebound lower?

If there was only a way to take the guesswork out of when to lock a rate! There is…

My clients can use a onetime FREE float down on their locked rate. This applies to my clients whether they are buying a new home OR refinancing their existing home. How does it work?

Don't worry. Falling rates is a good thing!

Relax. Falling rates are a good thing!

The float down can be used once an interest rate is locked, and we are within 30 days of closing. If interest rates improve from the time of lock up until 6 business days prior to closing, we can float the rate down to the current market.

Most of the time, clients wind up lowering their rate 0.125%… sometimes it is a 0.250%… I’ve even had a client lower their rate 0.500% from the lock rate to the floated down rate. So whether there is a slight improvement OR a dramatic improvement in interest rates, we can make up the difference even if the interest rate is locked in!

How does one take advantage of the rate float down option? Well, first, you’ve got to get started! Whether you are looking to buy a home or refinance your current home, you need to be prequalified. Then we lock in your rate and just wait and see. You don’t have to worry about if you timed the market right:

– if rates get worse, your rate is locked and not getting worse
– if rates improve, you can float down to the lower rate

There is no reason to delay locking in your interest rate. Contact me today (scroll to bottom of page for my info) to get started. I’ll take the worry of timing the market out of the equation. That will allow you time to focus on packing, moving, and painting some rooms in your new home!

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One Response to “Rate Float Down”

  1. Rise of the Interset Rates – Part 3 | The Mortgage Blog Says:

    […] have two options depending on where you are in the process. – if under contract, lock today with a free float down as recently posted on this blog. The rate will not increase during the locked period, and can go […]

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