A rate float down applies to pre-approvals, and Mortgage Commitments Letters that are active.
If you have a closing in 30 days, and you received a certain rate. If the rates go up you are protected by the mortgage commitment letter. If the rates go down, and you have a float down with the lender, your rate goes down as well.
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Dominion Lending Centres FC Funding – Mortgage Suite
Independently Owned & Operated
License No. 10671
Windsor Office:
1821 Provincial Road, Unit 201, Windsor, N8W 5V7
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