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Refinance > Rate Cap Insurance

The following information is about Rate Cap Insurance.

Rate Cap Insurance Defined

Rate cap insurance limits how much the interest rate can increase during the float period (usually no more than .5%). For example, if you get the insurance when the rate is 7.5%, you will be guaranteed that the rate will not go above 8%. This protects you from uncertainty in the market and rising rates. With the insurance you will be told that you can lock-in a rate, usually within 60 days of closing. You can also lock if the rate goes lower.

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