Does CapCenter offer floating rate locks?
Yes, CapCenter offers floating rate locks. This program allows the borrower(s) to float down the rate (if rates drop) around closing. There are limitations and there may be additional fees especially for longer/extended rate locks. This is a separate offering from extended locks.
Floating rate locks are advantageous for new construction home purchases especially in a volatile rate environment. There are additional costs involved to make this work for our clients. For this reason, we currently have these limitations to focus on our clients that would benefit most from this offering.
- Purchases only
- Conventional loans only
- Conforming loans only
- Primary residence only
- Minimum FICO credit score of 680
- Cannot be combined with the 1-0 Temporary Buydown promotion
Please consult your loan consultant for more information especially if you are purchasing a newly constructed home.