An Overview of the Loan Process
There is little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could fill out a one-page mortgage application and get the best loan funded in one 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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 the process really begins and you save the most money. You will supply details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We'll go over this information and give you a letter of pre-qualification. Your real estate agent will use the 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 picking out your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the 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 all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you don't need to worry about these details, you get to think about moving, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you're moving in! We do the 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 (321) 777-7277. It's our job to answer lending questions, so we're happy to help!