Yes. Getting approved for a mortgage should be your very first step, well before you attend an open house or tour a property with a real estate agent. While it is tempting to start house-hunting immediately, looking at homes without a formal mortgage pre-approval puts you at a severe disadvantage. Here is exactly why you need to apply first: 1. …
What Does It Mean to Float a Mortgage Rate?
What is a Floating Mortgage Rate? When a borrower floats a mortgage, it means their mortgage interest rate has not been locked in yet. The rate may still change before closing based on market conditions, lender pricing, loan details, and timing. Floating can create opportunity if rates improve, but it also adds risk if rates rise. What Borrowers Should Know …