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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Float-Down

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This is the rate that at which it is locked during a float period. However, with a float-down the borrower has the option of reducing the rates if the interest rate drops. As this is more costly to the borrower, this type of mortgage is normally more expensive to the lender in the long-term.

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