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TIL a float clause wrecked my closing timeline in Phoenix last month
Buying a duplex near 7th Street. Thought I had rate locked. Then the lender hit me with a float clause I missed in the fine print. Rates went up 0.25% two days before closing. Cost me an extra $3,000 upfront to keep the deal alive. Has anyone else gotten blindsided by one of those hidden float provisions in their loan docs?
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dakotawood20d ago
Next time ask for a no float lock in writing before you sign anything.
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Question if that 0.25% really wrecked things or if it's just how rates go sometimes.
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