I'm talking with Dawn Cox with A Mortgage Boutique. They are located in the same building, their office is right below us. We rely heavily on Dawn when we have any type of lending questions or rate changes and everything. So my question today is, I have some folks shopping and they're asking if they can go ahead and lock the rate on their loan.
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So you can't lock a rate until you have a contract on a home. If you're looking for new construction, and you have a contract on that home. We can lock the rate and offer you what is called a float-down option. Okay, a float-down option is good, so we can't lock it until we are under contract on a pre-existing home, and stay tuned for this float-down option.
I want to dig in a little bit more with that next time!
Red Realty, LLC