The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be here on our website if it were possible to fill out a one-page application and get the best loan funded in one day. We do 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: 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This step is where AmeriBest Mortgage can begin to save you money. You will provide info about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We will go over all this information and will provide 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 looking for your new house with your REALTOR™, we find the best program for you.
After you've signed the offer and the sellers accept it, it's time to 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. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Since you won't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you're moving in! We take care of the legwork 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. AmeriBest Mortgage answers loan process questions every day.