Our Borrowers apply with us because they are going to obtain the loan they applied for at the best possible deliverable rate and/or points.

Subject to market conditions, Loans4Less.com may offer a broker protected rate lock from the outset, over the telephone, provided we get your social security number and basic loan application details. We will not run your credit report profile unless and until we receive your signed loan application package. To protect the Loans4Less.com broker rate lock that we issue to you via email confirmation you must deliver your loan documentation to us within two business days.

In fluctuating volatile markets interest rates can change either for better or worse and without notice. At Loans4Less.com we deal with an array of wholesale lending institutions and if your loan is locked in directly with a lender we may be able to re-lock your loan with a different lender in order to obtain better terms for you.

In some instances we may not be able to re-lock with a different lender for a lower rate, especially if the lender where we originally locked in your loan is 'front running' or 'buying' the market and no other lender is offering better terms.

Current mortgage industry regulations strictly prohibit the transfer of appraisal reports to a different lender or third party. Therefore, if you cancel your loan allowing us to resubmit to a different lender to obtain the lower 'float down' rate, this will result in an additional new appraisal fee.

Also, be advised that any loan application that involves a Subordination of a junior lien does not qualify for any float down or new other lender re-submission, because the Subordination approval is issued to one specific lender.   

In times of high volume and high volatility we may advise you not to adjust your original rate lock and pursue a 'float down' since we may deem it more beneficial to deliver your original rate rather than risking non-delivery of a marginally lower rate. In other words, by the time we switch over the rates could go up leaving your loan in floating status. 

Due to bond market volatility we have a general guideline that the lower rate as posted on Loans4Less.com must be posted for three consecutive days in order for us to 'float down' your rate. This is subject to change based on market conditions and will result in a new appraisal fee as per above.

We believe our Lock and Float Down Policy as described herein provides our Borrowers with assurance against rising interest rates and an opportunity to obtain a lower rate.

Please send back your loan application and supporting documentation to submit@loans4less.com or fax (310) 316-1573 to protect your rate lock terms.

Applying and signing the Truth-In-Lending Disclosures does not obligate you to close the loan and by positioning your file into underwriting we are best able to serve your needs and deliver your loan without delay.

Sincerely,
Steven M. Hershman, President
Loans4Less.com
877-981-LOAN