Posted by Most home-buyers agree interest rate is important. Naturally, daily home loan rate market movement can create heartburn. What if you could predict which day is the best day to lock in? Out of the 30 days or so you are closing your loan, predicting that magic day would be amazing!
Secure the Lowest the Lowest Mortgage Rate
Non-soothsaying home buyers need to marry into fortune telling families or have a home loan officer who can solve this little dilemma for them. If not, locking their interest resembles a smokey slot machine filled casino. However, gambling on the rate that becomes a 30 year expense is not most consumers idea of wise.
Thankfully, a smarter home loan rate lock in process exists. Our FLOAT DOWN lock program is forgiving, money saving and easy. The FLOAT DOWN lock provides protection and security from higher rates. In fact, with the float down clients lock an interest rate in up front and ride the mortgage market waves worry free. Then, if and when Arizona mortgage rates drop prior to closing – their rate is lowered.
How Does the Float Down Rate Lock Work?
Sound to good to be true? Here is how our FLOAT DOWN works.
- Lock rate in up front
- Loan officer watches rate market for changes
- When rates drop your rate drops (if rates go up your rate does not
There is of course some fine print however, it is not that scary. For example, the most your rate will float down is .375%. Also, after floating down the loan must close within 20 days. lastly, only one float down per transaction.
By Jeremy House