How the Mortgage Loan Process Works
No doubt, a lot involved in oder to get a mortgage. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But AmeriBest Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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? 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. 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 rubber meets the road and you save the most money. You will give us information 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. When we review all this information we will provide a pre-qualification letter. 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 finding the best loan for you.
Once you have signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require 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 to set your date to close. Because you will not have to worry with this coordination, you can think about moving, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call AmeriBest Mortgage at (321) 777-7277. We answer questions about the loan process every day.