An Overview of the Mortgage Loan Process
There is no question ; getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and get the best loan funded the same day. But AmeriBest Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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 give us information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We'll review this info and will provide a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Because you won't have to worry with this coordination, you can think about the move, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding your new home.
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!