PROGRAMS - LEX RATE FLOW-DOWN PROTECTION
Unlike other banks and mortgage lenders. Once your loan is locked and market's rate happens to decrease during your transaction period. You will not be able to lower your rate as a typical situation. As a Lexington client once your rate is locked. Lexington offers a one time float-down protection policy to assist customers to obtain the best and lowest rate during your transaction period. This no cost protection comes with every loan* and maximize your savings during volatile interest rate environments. Please ask your loan agent for additional information.
All eligible loans in valid lock status can float-down under the following terms:
- Loans status must be either Approved with Conditions or Final Approval status.
- Approved with Conditions - new interest rate must be lowered at least .250% compared to original rate lock.
- Final Approval - new interest rate must be lowered at least .125% compared to original rate lock.
- New price is calculated as current 30-day price less 0.500, capped at original lock price.
- New lock expiration date will be set to 15 days from float-down.
- Extending a lock after Float-Down.
* Subject to change, All rights reserved. Not applicable on all loan type. Please ask your loan agent for further details.