Navigating Rate Lock Policies: Protect Your Mortgage Rate

A Rate Lock Period is a specific duration during which Ameritrust-Mortgage guarantees a particular interest rate for your loan. It provides stability and protection against fluctuations in interest rates during the homebuying process.

Ameritrust-Mortgage offers Rate Lock Periods typically ranging from 15 to 60 days. Longer lock periods, such as 90 or 120 days, are available for a slightly higher cost.

Yes, there's usually a fee associated with rate locking with Ameritrust-Mortgage, covering the lender's cost of guaranteeing the interest rate. It's important to discuss this fee with your Ameritrust-Mortgage loan officer to understand the terms.

In some cases, Ameritrust-Mortgage may offer the option to extend your rate lock if it's about to expire, although extensions often come with additional fees. Discuss the extension process and associated costs with your Ameritrust-Mortgage loan officer.

If market rates decrease after you've locked in your rate with Ameritrust-Mortgage, your locked rate remains the same. While you won't benefit from lower rates, you'll have the peace of mind that your rate won't increase.

If market rates rise after your rate lock with Ameritrust-Mortgage, your locked rate remains unchanged during the lock period, protecting you from potential rate hikes and market volatility.

Ameritrust-Mortgage may offer a one-time option to relock your rate at a lower level if market rates decrease significantly. Check with your Ameritrust-Mortgage loan officer to see if they provide this option.

If you can't close your loan within the agreed-upon Rate Lock Period with Ameritrust-Mortgage, you may need to extend the lock, potentially incurring additional costs. It's important to communicate promptly with your Ameritrust-Mortgage loan officer to avoid rate lock expiration.