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What is the difference between locking or floating a rate?

  • Locking ensures that your loan pricing will be unaffected during the lock-in period by giving you a specified period of protection from financial market fluctuations in interest rates.
  • Locking sets the range of pricing available to you; it does not guarantee that specific rate will apply.
  • Your final rate, which may not be determined until closing, will reflect the pricing that was available at the time you locked.
  • Floating –or not locking means your rate will fluctuate with the up and down movements of the market
  • The benefit of floating is if interest rates were to decrease, you would have the options of locking in at a lower level of rates.


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