What if you locked your rate and rates go lower?

[nicktheman]

I locked my rate @ 5.5 and its good till September 14th and I am scheduled to close on August 31st.  Would I be able to lower my rate if they dropped?  I thought I heard something about "float down rates" or something like that.  Thank you!

[Anonymous]

Some lenders offer a one time float down...that lets you drop it once if they go down.

If they didn't tell you ahead of time that you have that option then you don't.

[Anonymous]

It probably won't hurt to ask. That info may also be in the rate lock agreement that you've signed.

[Anonymous]

Get a copy of your loan application if you don't have it already. One of the page you have signed should be about the rate options. If you haven't specifically asked to lock your rate they probably just went with the default and that's maybe the floating.

If you are on floating term then you can still lock yor rate.

Laz