The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in one day by filling out a simple application. 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 mortgage loan.
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? 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. 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: complete a pre-qualification
This step is where AmeriBest Mortgage will start to save you money. You will give us details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review all this info we give you a pre-qualification letter. 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 home with your REALTOR™, we find the best program for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your closing date. Because you will not have to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call AmeriBest Mortgage at (321) 777-7277. We answer questions about the loan process every day.