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• The process of an applicant deciding against locking-in an interest rate at the time of application and instead electing to float with the market until a later date at which time he/she will request the mortgage company to lock-in the interest rate at the prevailing rate.

  State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition
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  Cite Definition for floating

  American Psychological Association (APA)

  floating. (n.d.). Consumer Credit Protection Glossary. Retrieved March 25, 2023, from website: http://www.expertglossary.com/definition/floating.

  Chicago Manual of Style (CMS)

  floating. www.maine.gov. Consumer Credit Protection Glossary. State of Maine, Department of Professional and Financial Regulation. http://www.expertglossary.com/definition/floating (accessed: March 25, 2023).

  Modern Language Association (MLA)

  "floating." Consumer Credit Protection Glossary. State of Maine, Department of Professional and Financial Regulation. 25 March. 2023 http://www.expertglossary.com/definition/floating.

• Browse Related Terms: Balloon Payment, Conventional Mortgage, Department of Veterans Affairs (VA), Federal Housing Authority (FHA), floating, Loan Term, Locking, Maine State Housing Authority (MSHA), Pest Inspection, Rate Lock, Rescission, Rural Development (RD), Underwriting

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