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Minnesota: Interest Rate Float Lock Agreement - InterBank

Minnesota: Interest Rate Float Lock Agreement - InterBank 2026

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The document is an Interest Rate Float/Lock Agreement for a real estate loan in Minnesota, outlining the options for borrowers to either lock their interest rate or let it float. It details the implications of each choice, including conditions for loan approval, expiration of locks, and potential fees. The agreement requires signatures from both borrowers and the broker to be enforceable.

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How to use or fill out Minnesota: Interest Rate Float Lock Agreement - InterBank

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Click ‘Get Form’ to open the Minnesota: Interest Rate Float Lock Agreement in our editor.
Begin by entering the 'Date' at the top of the form. This is essential for tracking your agreement timeline.
Fill in the 'Loan Number', 'Borrower Name(s)', and 'Property Address' fields accurately to ensure proper identification of your loan application.
In the 'AGREEMENT' section, review the terms regarding locking or floating your interest rate. Make sure you understand the implications before proceeding.
Choose either 'LOCK' or 'FLOAT' by initialing next to your preferred option. If you choose to lock, complete the relevant fields such as 'Loan Amount', 'Interest Rate', and 'Lock Date'.
Sign and date where indicated under 'BORROWER’S ACKNOWLEDGEMENT'. Ensure all borrowers sign if there are multiple parties involved.
Finally, have your broker sign under 'BROKER’S ACKNOWLEDGEMENT' to finalize the agreement.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a interest rate lock float agreement?

A mortgage rate float down option is an agreement that allows you to lock in a lower interest rate if market rates decrease after you have locked in your initial rate. Typically, when you lock in a mortgage rate, you commit to that rate regardless of any future fluctuations in the market.

What is a float lock?

How much does a rate float down cost? Most lenders charge a fee to float the rate down, but some charge more than others. Float-down fees typically range from 0.25% to 1% of the total loan amount. For example, if you are taking out a $350,000 loan, the float-down fee could cost between $850 and $3,500.

What is the maximum interest rate allowed by law in Minnesota?

The short answer is: Pay attention to market dynamics. If interest rates have been stable, locking in your rate early may not be necessary. If rates are falling and are likely to continue in that direction, you may want to wait a bit before locking the rate, since you could get a better rate in a few weeks.

Should I lock or float my interest rate?

If you think rates are likely to stay the same or increase, you might be better off locking. But again, no one ever really knows for certain what the rates will do, so you must be willing to accept the risk if you choose to float. If uncertainty keeps you up at night, locking is definitely the better option.

What is the statute 47.206 in Minnesota?

A person, including a lender, may not advise, encourage, or induce a borrower or third party to misrepresent information that is the subject of a loan application or to violate the terms of the agreement.

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What is the main disadvantage of a floating interest rate mortgage?

A mortgage rate lock float down allows a borrower to take advantage of declining mortgage rates, but it does not expose them to higher mortgage rates if they arise.

Minnesota: Interest Rate Float Lock Agreement - InterBank 2026

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