Floating a rate with anyone that you don’t trust 110% is crazy.
It’s an open door to getting screwed by banks or brokers, they profit by overcharging you. They usually have you at “float”
I’ll float a loan if someone really wants to, but I feel more comfortable having them lock a rate.
I don’t want surprises for them or me.
Why submit your loan if you aren’t ready to lock ?
On days like the last two, the 10 YR bond is up 16%, mortgage rates are way up, BUT the media is talking about rates being down.
Hard to get folks to understand that rates went up while they floated when average people are talking about rates being down for the last 9 weeks…. HLS
