Float Down Loan Option
Take advantage of changing market conditions and fluctuating mortgage rates with this signature program from District Lending.Apply Now
What is the Arizona Float Down Loan Option?
District Lending has shown the ability to adapt in an ever-changing market by creating the Arizona float down loan option to help clients like you take advantage of these changing conditions. This is an optional addition to your loan that can end up saving you money down the road by adjusting your Arizona interest rate days before closing.
The District Lending Arizona float down loan option is only applied to your Arizona mortgage interest rate and allows you to save up to 38% less interest than your original fixed rate. This option is available for most government and conforming loans, as well as FHA Loans (Federal Housing Administration) and VA Loans (Department of Veterans Affairs).
In other words, this signature District Lending option provides future homeowners with the ability to lower interest rates in 4-20 days prior to closing their deal. If Arizona mortgage rates happen to decrease once you’ve been locked into your rate, then you have the one-time option to lower or “float down” the interest rate. Arizona adjustable rates have their benefit, but don’t forget this float down option is a one-time service. Taking advantage of this allows an internal cost for which we require the appraisal and loan approval prior to following through with the float down. Once the loan has been approved and the appraisal reviewed, the float down mortgage window opens.
The closing Arizona loan qualification and closing process is pretty extensive. We would hate to see our customers spending considerable amounts of time deciding on their best Arizona loan program while interest rates in the valley continue to drop. We want you to be comfortable and know that we are going to continue to work with you throughout this process in order to find and secure the best rate and mortgage for you.
An adjustable rate mortgage is a loan in which the Arizona interest rate and payments are routinely adjusted but based on an index that is pre-selected. Although some restrictions apply, rates and payments on an Arizona adjustable rate loan can fluctuate based on the current Phoenix market. Adjustable rate mortgages may be benefit you if you plan on purchasing and living in the property less than three years. This also can differentiate based on the program you decide to go with.
Now that you understand adjustable rates, you can see that the Phoenix float down loan option allows District Lending to set themselves apart from other lenders in Phoenix, Arizona. Allow District Lending the opportunity to explain this extremely beneficial program to you while working on getting you into the new home of your dreams. If you feel confident in your decision and program choice, then feel free to apply today!