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Floating a loan means proceeding with the mortgage process without locking your interest rate. When you do this, your mortgage rate will continue to change, or float, due to market conditions until it’s time to schedule your closing. To avoid floating your loan, you can lock your rate, which protects it from going up until your rate lock expires. On the other hand, if rates have been dropping, it might be worth the risk to float your loan until interest rates drop as much as possible.

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