What is a float down option mortgage?

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As it relates to the rate lock - with us - you can go ahead and lock your rate today - and if the market improves between now and closing - we can float your rate down to current market price.

Some lenders have the ability to float down your rate after you have locked it depending on what the market has done. Contact your local mortgage broker and ask them if they have the ability to do so.

When you lock in a rate, a float down option gives you the ability to float down to a lower rate if interest rates improve from the locked rate will your file is still processing.

If the market improves and rates go lower, by usually a .25% the lender will reduce your interest rate even after it is locked in. Not all lenders provide this feature so you will need to inquire about this. Best wishes, Sean