Shanna, Home Buyer in Alabama

If we get pre-qualified to lock in rate and the rate drops, can we get the cheaper rate before we buy? (I've

Asked by Shanna, Alabama Wed Mar 5, 2008

heard about something called a free floatdown). Thanks!

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5
Alan May, Agent, Evanston, IL
Wed Mar 5, 2008
PHH mortgage also offers that "float down" option.
1 vote
Chad Edwards, , Birmingham, AL
Wed Mar 5, 2008
It may depend on who you are dealing with for your mortgage. I have heard Wells Fargo offer this feature to their customers, but each case may be different. Make sure to specifically inquire with your mortgage representative about this. Currently, rates are fluctuating quite a bit almost daily.
1 vote
Kellen Gracey, , 33304
Fri May 15, 2009
Rates are moving around so much, that lenders are allowing rate protection (certain ones, that is). It depends on who you have your loan placed with. If you used a broker, contact him/her and let him/her know your concern. He/she will let you know.

If you are going direct to the lender, ask them. They will tell you.

Also - the rate lock only happens after the loan has been submitted for underwriting to the lender. If you haven't submitted yet, you aren' t locked in yet. Just food for thought.

Kellen Gracey
Mortgage Professional
BayBurg Financial
(386)237-7231 Cell
(866)230-8050 Toll Free (Ext. 214)
(954)764-7064 Office (Ext. 214)
0 votes
Chris Goode, , Birmingham, AL
Sat May 10, 2008
We offer rate protection, I'm also located in Alabama. Please visit our site for help
Web Reference:  http://cgoode.apexleding.com
0 votes
Tatum Realty, Agent, Council, NC
Wed Mar 5, 2008
We offer that option. It is called rate protection. If rates fall after you lock you have the ability to lock at a lower rate. Please visit our site. We are licensed in Florida however our parent company can lend in all 50 states.
0 votes
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