Posted on: 15th Sep, 2008 04:14 am
If I lock into an interest rate now, and rates go down can I change to get the lower rate?
Hi guest,
Welcome to the forums.
If you go for a floating rate, you can avail lower rates once theydrop after your rate lock. Refer to a previous discussion on what if rates drop after rate lock? .
Take Care
Welcome to the forums.
If you go for a floating rate, you can avail lower rates once theydrop after your rate lock. Refer to a previous discussion on what if rates drop after rate lock? .
Take Care
if rates go up, will it be okay if the lender increases your rate?
Generally, no. However there are lenders that will do offer this. I have several in my database. In this market, I would definately go with one of these vs. locking without this floatdown option. I also would not feel confortable not locking since rates can go up as quickly as they came down.