One of the smartest things you can do with your mortgage broker is to take advantage of the float-down option during mortgage renewal, preapproval, and approval processes.
What is the float-down option?
The float-down is a strategy that allows you to secure the lowest interest rate within the 120-day period prior to renewing your mortgage. This technique can also be applied when you are purchasing real estate, specifically during the preapproval, subject removal, and completion periods.
The float-down provides protection against rate increases while offering the opportunity to access the lowest rates available if market rates decrease within the 120-day window leading up to your renewal or completion.
Is your mortgage broker monitoring your rates daily and offering you the float-down option?
I recommend that you inquire about it!
For more details, please book an appointment with Paul by clicking here.