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I’m locked in a mortgage rate. Recently, the price seems to have collapsed. I’m like the loan officer does not feel ready, run the float down option for me, but I’m not sure. Is it more profitable for them in terms of the Commission if they do not float down option? Thank you in advance.

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4 Thoughts on Loan officers ready to float on option after the rate lock-in?
  1. Reply
    linkus86
    May 16, 2011 at 3:44 am

    Most mortgage brokers realize that they stand to lose your business for not giving you the lower available rate (if you qualify) because they know you can easily go to another lender at any time before the closing of the loan.

  2. Reply
    Iffy
    May 16, 2011 at 4:18 am

    Lock in means you signed a contract agreeing to the rate. Gee if it wen up and the lender said hey lets change the rate you would be screaming. Sorry you are committed to the locked in rate.

  3. Reply
    dog ma
    May 16, 2011 at 4:19 am

    Most float down options come with an up front charge. Did you pay for a float-down option?

  4. Reply
    teaglet1
    May 16, 2011 at 4:37 am

    You actually do have a contractual agreement with your lender when you lock a loan, you could be charged up to 1% of the loan amount for breaking the rate. Some lenders do have an option to float you down to a lower rate for a fee. My company gives you a free float down option, at no additional charge. This is huge!!! we have all our customers lack in the rate, then within 20 days before closing, if the rate is lower we give them the better rate up to 3/5% of a percent reduction. You just can’;t beat that. http://www.tdthomason.com

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