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Cornerstone First Financial

The Mortgage Minute Update: July 26, 2011

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What Is a Float-Down? A Sneaky Way to Snag a Lower Interest Rate

In other words, a lock with a float-down offers the best of both worlds: peace of mind if rates rise, and a safety net if rates fall. You’re covered either way!

It’s important not to confuse a float-down with a buy-down. The latter is when you pay significant upfront points (aka fees in the thousands) to lock in a lower interest rate. Buy-downs are great if you have a lot of cash lying around, but that’s rarely the case for someone borrowing money to buy a house. And while buy-downs are major money savers, they definitely don’t offer wiggle room. You buy down, lock down, period.

For a float-down, on the other hand, you pay a relative pittance (typically several hundred dollars) to keep your options open to take advantage of lower rates in case they dip. The longer your float, the higher the cost, but we’re still talking about hundreds of dollars rather than thousands. So it’s definitely the budget-friendly option of the bunch.

So why do lenders offer borrowers float-downs, anyway? Naturally, they want to keep your business, and if you’re a well-qualified client who could go elsewhere for a loan, they are particularly open to allowing this small leeway if it means you’ll stick around.

Crocker Partners sells Fort Lauderdale office tower to Chicago firm for $87M

Records show Crocker affiliate One Financial Plaza LLC sold the building at 100 Southeast Third Avenue to W-Crocker Fin Place Owner VIII LLC, which is controlled by Doug Welker, principal of asset management at Walton Street Capital, a private equity firm based in Chicago. The buyer financed the deal with a $61.23 million loan from SunTrust.

The deal marks the first large sale of an office building in Fort Lauderdale this year. It breaks down to about $314 per square foot.

The 276,572-square-foot Class A office building was built in 1972, and was originally known as the Landmark Bank Tower. When it opened, it was the tallest building in Fort Lauderdale, and is now the sixth-tallest, according to Emporis. One Financial Plaza was renovated in 2011, data from Real Capital Analytics shows. Crocker Partners paid $44 million for the 4-acre property in 2011.

Tenants include the Tower Club restaurant on the penthouse level, anchor tenant Regions Bank,  Pipeline Workspaces , AXA Advisors and Fowler White Burnett. Pipeline signed a 20-year lease for a full floor at the building and opened in October. One Financial Plaza includes an attached parking garage, a renovated lobby, new gym and conference space and a redesigned entrance, according to a Loopnet listing.

Is this a scam?

My husband recieved a check in the mail from a financial management firm in Canada, along with a letter explaining he won a cruise and $33,000. He was supposed to cash the first check, for $2999.


don't give anyone your info, don't wire anyone money. as long as you don't do anything like that, you'll be fine. This does sound like one of those scans where they send you a check and then have you wire them money. So be careful of that.

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