What is a Float Down Policy?
Posted by Merrill Jencks on Tuesday, March 1, 2022 at 3:19 AM
By Merrill Jencks / March 1, 2022
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What is a Float Down Policy?
Interest rates have been rising and they will probably continue to rise throughout the year of 2022, especially with the rampant inflation that we're seeing you know interest rates going up is kind of inevitable at this point but there's probably going to be some fluctuation, there will be days when it's up and there'll be days when it's down.
So as you're getting ready to lock your interest rate with your lender you might ask them whether the lender offers a float down policy which means that if the rate let's say you lock in your rate but then later the rate lowers to a significantly better price can you change to that lower rate or are you stuck with the higher rate.
A lot of lenders make you stuck with the higher rate but there are lenders who offer a float down policy there might be some fees associated with that but you should definitely have that conversation with your lender to find out if that float down is an option.
What does this mean to you? If you're even a little bit interested in learning more about participating in the Phoenix housing market as a seller, buyer, or investor... you NEED to know this stuff! Or at least work with someone who is obsessed with the market stats. Reach out to me today so we can start working on making your real estate dreams a reality!
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Float Down Policy
Are you looking to buy a home soon and working with a lender? Make sure you lock your rate before rates rise, and talk to your lender about a "float down policy" and if that's a possibility for you! So many people don't know about this float down option, so it's worth talking to your lender about!
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