Long Term Lock & Float Down Option

Protect Yourself from Rate Increases with Our Lock and Float Down Option

With rates increasing in the home-buying market, we’re proud to announce a program to help protect you. Our rate lock will guarantee you a specific interest rate on your mortgage for up to 270 days. That’s up to 9 months! This ensures that you keep the rate you locked in through your selected lock period, in case interest rates begin to rise.

Additionally, you may have the ability to float your rate to a lower rate under certain conditions if the market happens to improve.

Eligible Home Loans

The following mortgage products are eligible for the Lock and Float Down option:

• Conforming 30 year/25 year Fixed Rate Home Loans
• Conforming 15 year Fixed Rate Home Loans
• Government 30 year Fixed Rate Home Loans

Up-Front Fee

An upfront fee of 1% of the loan amount is required. However, up to 100% of the upfront fee may be refunded at the time of closing.

To see if the Mortgage Rate Lock and Float Down option is right for you, speak to one of our home loans experts. For a full list of exceptions and guidelines, consult your First Bank loan officer.