The mortgage rate lock float down starts with the rate lock or fixed-rate mortgage, but the borrower can exercise the option to take a lower rate if rates fall. The option to get the lower rate expires typically within 30 to 60 days. Aconvertible adjustable-rate mortgage (ARM), on the ...
Paying for a mortgage rate float-down may not be worthwhile if you have a short closing timeline or if the cost of the float-down option offsets the potential interest savings. Of course, it's speculative whether rates will fall during your lock period. Whether you should pay for a float...
(1) The amount of movement in a variable-rate mortgage,as in “the loan can float 1 percent per year or a maximum of 5 percent in a lifetime.” (2) The period of time after a check is deposited but before the funds have been collected or credited.If a depositor receives credit imm...
(1) The amount of movement in a variable-rate mortgage,as in “the loan can float 1 percent per year or a maximum of 5 percent in a lifetime.” (2) The period of time after a check is deposited but before the funds have been collected or credited.If a depositor receives credit imm...