How the Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page application and receive an excellent loan check cut the same day. 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 milestones.
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? 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 can start to save you money. You will give us details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your date to close. Since you won't need to worry about these details, you get to concentrate on the move, painting, new carpet, and the fun parts 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 deciding when to move in! AmeriBest Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call AmeriBest Mortgage at (321) 777-7277. We answer questions about the loan process every day.