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What happens if rates drop after I lock?

Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker

Normally your locked rate stays put even if the market falls, but many lenders offer a one-time float-down option that lets you capture a lower rate if it drops significantly before closing.

A float-down may carry a fee or minimum-drop threshold. We'll tell you whether your lock includes one and whether using it makes sense if rates slide.

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