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Can you float down to a lower rate more than once? are there exceptions

by alisonMwalker414126 from South Bend, Indiana. Sep 27th 2013 Reply


James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Many lenders do not even offer a float down option; therefore, if you had the luxury of being able to float down once... be happy.

Sep 27th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Most lenders don't allow float downs.. those that do, only allow you to take advantage of it one time... if your with a lender who allows the one time float down, you probably were paying a slightly higher interest rate to begin with.. so the one time float down really isn't worth paying for.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sep 27th 2013
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Stephen Makia (stephen.makia@westinmortgage.com)
#941 ranked lender in California - 30 contributions

It is very unlikely because this is at a disadvantage to the lender, that is why most lenders do not allow floating. Like James said, if you got it once, grab it and be contend. Thanks Alison. www.westinmortgage.com/stephenm

Sep 27th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Almost never.

Sep 27th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I've worked at several lenders (including the current one) that offer a 1x float down, and none have allowed it more than once. The cost to the lender would be prohibitive to the lender to offer it more than once. FYI - I spent 7 years in Elkhart and do lend in IN - please let me know if I can help - just click my name at the right to get my contact info.

Sep 27th 2013
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David Ortega (DavidOrtega)
#51 ranked lender in Minnesota - 231 contributions

Yes, there are banks out there that allow this though, it's not common

Sep 27th 2013
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