Rate Lock is a feature that allows borrowers to secure a specific interest rate for their mortgage loan for a predetermined period, typically ranging from 30 to 90 days.

Borrowers can initiate the Rate Lock process by contacting Ameritrust-Mortgage's experienced team to discuss their mortgage needs. Once the borrower selects a suitable loan program and interest rate, Ameritrust-Mortgage locks in the rate for the agreed-upon duration.

Rate Lock provides protection against potential fluctuations in interest rates, offering borrowers peace of mind and stability in their financial planning during the home purchase or refinance process.

It's advisable to lock your rate when you are comfortable with the current market rates and want to secure a specific interest rate for your mortgage. Ameritrust-Mortgage's team can help you determine the optimal timing for Rate Lock based on market conditions and your financial goals.

Once you've locked in your rate with Ameritrust-Mortgage, it typically cannot be changed. However, some lenders may offer options for rate renegotiation under specific circumstances.

Ameritrust-Mortgage may charge a fee for Rate Lock services, which can vary depending on the lender and the terms of the loan agreement. It's essential to discuss any associated fees with your loan officer before proceeding with Rate Lock.

If interest rates decrease after you've locked in your rate, you may not benefit from the lower rates unless your lender offers a float-down option or allows for rate renegotiation. Be sure to inquire about these possibilities with Ameritrust-Mortgage before committing to Rate Lock.

If interest rates rise after you've locked in your rate, you're protected from the increase, and your locked rate will remain unchanged for the agreed-upon duration. This provides peace of mind and stability in your budgeting during the loan process.