please define the "mortgage rate lock float down"
glossary FAQ: glossary.
Vance T. From Saint John´s, Canada
12 November, 2008
a "mortgage rate lock float down " is A mortgage rate lock with the option to reduce the locked interest rate if market interest rates fall during the lock period. A rate lock with a float-down option can provide the borrower with security against an increase during the rate lock period, while the float-down option allows the borrower to take advantage of a fall in interest rates during the lock period.
As with any financial option, float-down options on a rate lock have a theoretical value or cost; therefore, rate locks with a float-down option are more expensive than rate locks without. The option will only be exercised by the mortgagor if interest rates fall. Visit Interbank FX
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- Background:
- Oanda is an as yet rather green online investment forex server working out of 140 Broadway, 46th Floor NY, NY 10005.
- Some of Oanda's Specs:
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- Pluses:
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- Minuses:
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- The Short of it:
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