What if Rates Go Down After I have locked my rate, Can I get a lower rate?

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Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035

 What if mortgage rates drop AFTER I have locked my rate?

Can I benefit from the lower rates, or am I stuck with the rate I locked ?

 When you lock in your rate you are protected from movements in the market that may take place befoe your loan closes.  In most cases once you lock in that protection you can not come back later and get a lower rate if the rates move lower instead of higher.  In the same way, the lender cannot come back to you and say that the rates have increased and that your rate will also increase.

However, here at Network Funding we offer a Float Down  program that allow you to lock in your interest  rate at the current market rate and therefore protect yourself against future rate increases, while at the same time allowing you "Float Down" to a lower rate if the interest rates should move lower.

Talk about having your cake and eat it too.  This  "Float Down" program allows you to have the best of both worlds.  If the rates should go up, you still have the low rate that you were able to lock in early in the loan process, AND if the rates go lower before your loan closes, you can get the lower rate too.

Give me a call today to discuss our Float Down program or any other home buying quesitons you may have. 866.435.6553


 

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Call Today to find out about best loan for your family.

Click the Link Below to Learn about our unique Pre Approval Process 


                 

 

                    

Specializing in Government Home Loans.  FHA, VA and  USDA Rural Development

 

Alabama: License # 52935

Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadseden, Florence, Bessemer, Madison, Prichard, Phenix City, Homewood, Vestavia Hills

Georgia: License # 36362

Albany, Atlanta, Augusta, Alpharetta, Athens, Canton,  Columbus, Dalton, Dunwoody, Johns Creek, Macon, Marietta, Roswell, Sandy Springs, Savannah, Smyrna, Valdosta, Warner Robbins

Kentucky: License # MC305583

Louisville, Lexington, Bowling Green, Owensboro, Covington, Hopkinsville, Richmond, Florence, Elizabethtown, Frankfort, Paducah, Independence, Danville

Louisiana: License # 35486

Alexandria, Baton Rouge, Bossier City, Central, Denham Springs, Hammond, Houma, Kenner, Lafayette, Lake Charles, Livingston,  Marrero, Metaire, Monroe, New Iberia, New Roads New Orleans, Prairieville, Shreveport, Slidell, Walker

Tennessee:  License # 108470

Bartlett, Bristol, Chattanooga, Clarksville, Cleveland, Collierville, Columbia, Cookeville, Crossville, Fairfield Glade, Franklin, Germantown, Goodlesttsville, Hendersonville, Jackson, Jamestown, Johnson City, Karns, Kingsport, Knoxville, Memphis, Morristown, Murfreesboro, Nashville, Oakridge, Smyrna, Spring City

Texas

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We offer VA Loans,  FHA Loans, USDA Loans, and more across Alabama, Louisiana, Texas and Tennessee

 

Bill McDonald NMLS # 95835

VanDyk Mortgage NMLS # 3035

 

Bill McDonald-VanDyk Mortgage

705 Gate Ln Suite 202 104

Knoxville, TN 37909

(865) 686-8711

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