Finance
A Utah borrower who wants to lower their monthly mortgage payment can use a 'float down' option to:
AFloat the payment amount based on their income
BLock in a lower interest rate if rates fall between application and closing✓ Correct
CFloat the loan balance to a lower principal
DReduce the down payment requirement
Explanation
A float-down option allows a borrower who has locked an interest rate to reduce their rate if market rates fall before closing. There is usually a fee for this option, but it protects against locking at a rate higher than what the market offers at closing.
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