The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a one-page mortgage application and receive the best loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and AmeriBest Mortgage can really save you money. You will provide details on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date of closing. Since you will not have to coordinate this process, you get to think about moving, painting, carpet, and all the details of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! AmeriBest Mortgage is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call AmeriBest Mortgage at (321) 777-7277. We answer questions about the loan process every day.