What is the difference between my rate “floating” and “locked”?
You must actually notify your Signature Mortgage loan officer that you want to “lock” your interest rate. Until you do so, your rate will “float” and be susceptible to the fluctuating market conditions. Once you lock your rate, you are guaranteed to receive that rate as long as you settle within the lock period. Generally, consumers choose to float their rate if they believe that rates will improve prior to their settlement date. They choose to lock in order to protect themselves against rates moving the wrong direction. Back to top.
