The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be visiting our website if it were possible to complete a simple mortgage application and get an excellent loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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? 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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide info about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review all this information we will provide a letter of pre-qualification. Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy researching the loan that's right for your unique situation.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your closing date. Because you will not have to worry about these details, you can concentrate on the move, paint colors, carpet, and all the details of getting your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details 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. We answer questions about the loan process every day.