Float Down Rate Lock
The HOUSE Team‘s Float Down Rate lock takes the gamble and mystery out of when locking in your interest rate on your new home loan.
Benefits of our float down lock
Many Arizona mortgage lenders require that a borrower pick a very strategic and specific point in the home loan process to lock their home loan. Once locked, their interest rate is set at the original locked in rate. What happens if mortgage rates drop after a client locks in? Typically, with most other Arizona mortgage companies a client would be stuck on the sidelines watching what “could have been” and sit tight with their now higher than market mortgage rate.
How a Float Down Rate Lock Works
Are you ready to take the guesswork and risk out of locking in your mortgage rate? Our Float Down program is designed to help you do just that. Here is how it works:
1. Lower Rate by .375%: A float down allows you to lower your rate up to .375%
2. Closing in 20 days: Once you execute a float down your loan must close within 20 days
3. Float down once: A client may float down one time during the loan process
Is the Float Down “too good to be true?”
While the Float Down program is better than “good” it is very true! It is one of many tools The HOUSE Team offers to help make your mortgage experience one you will enjoy and benefit from. There are no “catches” related to the program however we do require a level of commitment from each client using the Float Down Mortgage Rate Lock program.
The only time a client is charged is if THEY choose to cancel. If their home does not appraise, they are not qualified or if the seller does something to cause the transaction to cancel our client is NOT charged. Bottom line, if you are planning on switching Arizona mortgage lenders do NOT utilize the Float Down. In every other case the Float Down is the best way to protect yourself by allowing The HOUSE Team to leverage a drop in mortgage rates during your home loan process.
If you have any questions about the Float Down Rate Lock program please call or email us.
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com
By Jeremy House