Cory Lewis Mortgage Advisor

Ever hear of a mortgage “Float Down”??

Some Canadian lenders offer features like:
• Rate Drop Protection
• Lowest Rate Guarantee
• Float-Down Options

Here’s the fun part👇

When you secure a rate during your pre-approval or rate hold period, your rate is protected if rates go up

BUT… if rates drop before your closing date, some lenders may let you snag the lower rate instead

Now here’s the catch:
Not every lender handles this the same way.

✔ Some apply lower rates automatically
✔ Some require you to ask
✔ Some don’t offer it at all

That’s why the details matter just as much as the rate itself.

In today’s market, things like:
• rate holds
• flexibility
• penalties
• float down options

…can make a BIG difference long term.

One of the benefits of working with a mortgage broker? We compare the fine print to help you explore all your options and find the best fit!

Appraisals… the ultimate buzzkill 🫠

You’ve found the one, offer accepted, champagne on ice… and then the appraisal shows up like “actually… let’s not get carried away.”

When a home appraises lower than the purchase price, it basically means the bank isn’t as emotionally attached as you are 😅 — and they’ll only lend based on that lower value.

Cue the options: renegotiate, cover the gap, or get creative with financing. Not exactly the plot twist anyone hopes for, but totally manageable with the right game plan.

Moral of the story? Fall in love with the home… just don’t forget the appraisal gets a vote too.