Just finished chatting with my lender about refinancing, and apparently, when you lock your rate, it's not always set in stone. I mean, I thought once you locked it, that's it, done deal. But turns out some lenders offer a "float-down" option if rates drop significantly before closing. Had no clue this was even a thing... makes me wonder what other little-known refinance tricks or quirks are out there. Anyone else stumbled across something similar or different?
I ran into something similar a couple years back when refinancing our home. We locked in a rate, and then about two weeks later, rates dropped noticeably. Thankfully, our lender had mentioned the float-down option upfront, so we were able to take advantage of it without much hassle. It's definitely one of those things you don't realize exists until you're actually going through the process... makes me wonder how many people miss out simply because they don't know to ask.
