Definition
Float Down
A provision allowing a borrower with a locked rate to take a lower rate if the market improves before closing, usually for a fee.
Nearby terms
First Lien
The mortgage with priority over all other liens, paid first in a foreclosure.
Fixed-Rate Mortgage
A loan whose interest rate remains unchanged for the entire term.
Forbearance
A temporary agreement to reduce or suspend payments, with the missed amounts handled later by repayment plan, deferral or modification.
Foreclosure
The legal process by which a lender takes possession of the collateral after default.
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