Terms, Conditions and Eligibility Requirements:

  • Float Down Program (“Program”) will allow for a one-time rate reduction (“float down”) option during the lock period if market rates decline prior to your loan closing.
  • Borrower must have submitted a loan application and have a sales contract with property address to participate in the Program. The loan must be conventional, FHA, or USDA Fixed rate.
  • This Program only applies to home purchases in one of Atlantic Bay’s conventional conforming products. Excluded are VA, jumbo, adjustable rate, construction, non-owner occupied, and renovation loans and Non-QM.
  • There is an up-front float down fee (“Fee”). This fee is due at time you indicate your intent to proceed with your home loan transaction.
    • An up-front float down fee ("Fee") of .25% of your loan amount* or
    • An up-front float down fee ("Fee") of .50% of your loan amount*
  • The Fee is reimbursable to you if the loan does not close with Atlantic Bay, or if you do not exercise the float down prior to your loan closing.
  • Float down may only be exercised if the interest rate has improved as follows:
    • .125 (one-eighth of a percentage point) when the Fee was .25% of the loan amount* or
    • .25 (one-quarter of a percentage point) when the Fee was .50% of the loan amount*
  • The maximum rate reduction based on market conditions at the time of float down is .25%.
  • This offer only applies to purchase loan applications received after December 1, 2023.
  • The Program is not a commitment to lend. All loans subject to income verification, credit approval and property appraisal. Information is deemed reliable but not guaranteed. Loan programs, interest rates, and fees are subject to change without notice.
  • You acknowledge that if you exercise your float down option, your loan will require re-disclosure under Truth in Lending Act (TILA)- Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (TRID); as such, this may impact the date your loan is intended to close.

* Your loan amount is the amount you have been approved to borrower with Atlantic Bay

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Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Housing Lender.