Can I change my mortgage rate before closing?

So you’ve secured a rate and the rate dropped. What know?   This is a conversation I have daily.    Now I know when you are looking to refinance or obtain a new mortgage—one goal is usually top of mind: securing the lowest possible rate.    Let’s face it, locking in a great rate can feel like winning the lottery because it shields you from any sudden rate hikes. But what if mortgage rates drop after you’ve already signed your commitment?    This is where the concept of rate float downs comes into play, offering a bit of flexibility in an otherwise rigid process.   The good news is…   Many lenders understand that the market can be unpredictable, which is why they offer a rate float down policy. This allows you to secure a lower rate even after your mortgage has been approved. It sounds like a dream, right?    But, as with anything in finance, there’s a catch.    Some lenders might only let you take advantage of this option once during your mortgage term. That’s where strategy becomes crucial.   We keep a close eye on rate trends for you, ensuring that we request a rate drop at just the right moment. If we see signs that rates might dip even further, we’ll hold off on making that request, maximizing your savings. It’s all about timing and having the right team in your corner to navigate these waters.   But here’s something important to remember: the lowest rate isn’t always the best choice. It’s easy to get seduced by ultra-low rates, but some of these mortgage products can come with tricky terms and harsh penalties. We’re here to guide you through those details, making sure you’re not just chasing the lowest rate but securing the best mortgage for your long-term financial health.   At the end of the day, our mission is simple: to help you save as much as possible, not just when you sign, but throughout the life of your mortgage.    We’re committed to providing you with expert guidance and a better mortgage experience from start to finish. Because when it comes to something as significant as your home, you deserve nothing less than the best strategy, the best rate, and the best support.   Drop a comment with your current mortgage rate below!