The Four Steps of the Loan Process:The Loan Process: Four Steps
There's a lot involved in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. But AmeriBest Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where AmeriBest Mortgage will begin to save you money. You will give us details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We'll go over all this information then provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the best loan program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Because you will not need to coordinate this process, you get to concentrate on moving, painting, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call AmeriBest Mortgage at 3217777277. AmeriBest Mortgage answers loan process questions every day.