The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

RATE LOCK FLOAT DOWN Definition & Legal Meaning

Definition & Citations:

Deposit a borrower pays to lock in their interest rate for the period while their mortgage application is processed. If interest rates drop, the borrower may choose the lower rate.

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This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.