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OR-ENG-INTEREST RATE LOCK - FLOAT AGREEMENT

OR-ENG-INTEREST RATE LOCK - FLOAT AGREEMENT 2025

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The document is an Interest Rate Lock – Float Agreement for mortgage loans in Oregon, outlining the terms and conditions under which borrowers can choose to lock or float their interest rates. It includes details such as loan amount, purpose, occupancy type, loan type, and specific terms related to adjustable rate mortgages. The agreement emphasizes that the interest rate may change if loan terms are altered and requires acknowledgment from borrowers.

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What is a floating-rate lock?

A downside, for the borrower, is a mortgage rate lock would prevent them from taking advantage of lower rates that may occur during the lock period. Conversely the lender cannot take advantage of rises in interest rates. Some borrowers walk away from the agreement if interest rates fall.

What are the disadvantages of a floating interest rate?

Unlike traditional bonds, floating-rate loans do not make a fixed interest payment each payment period. Instead, coupons vary based on prevailing interest rates. The interest rate adjusts or floats with market rates, so they carry little to no interest rate risk.

What is an interest rate lock float agreement?

Locking your rate means youre entering an agreement with your lender that your interest rate will be reserved for a particular amount of time. Even if the market rate is higher on the day you close, your interest rate will be the same as the day you locked it, assuming you close before the rate lock period expires.

Can I walk away from a rate lock?

Answer: You are free to withdraw your application and break your lock at any time.

Should I lock or float my interest rate?

Locking a mortgage rate secures a fixed rate, while floating allows the rate to adjust with the market. If rates drop during the float, you can lock in at a lower rate, but if they rise, you may end up with a higher rate. Floating offers flexibility, but before closing, the rate must be locked to finalize the loan. Onc.

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