Rates Dropped After You Locked? Stop Paying Too Much

This article explains how a mortgage rate lock can protect you from rising interest rates but may lead to buyer's remorse if rates decrease. Key takeaways include:

• A rate lock is a guarantee from a lender for a specific interest rate over a set period.
• If market rates fall after you lock, a feature known as a float-down option may allow you to secure a lower rate.
• Utilizing a float-down option typically involves specific conditions, such as a minimum rate drop, and often comes with a fee.
• It is essential to understand your lender’s specific policies regarding rate changes before and during the lock period.

Read the full blog article here: https://www.iqratemortgages.com/blog/my-mortgage-rate-dropped-after-i-locked-in-california