The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage 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.
There are four important steps involved in getting a loan.
Step one: determine how much you can borrow
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? 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: pre-qualify for your loan
This step is where AmeriBest Mortgage can begin to save you money. You will provide information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Because you won't need to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of 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. AmeriBest Mortgage answers loan process questions every day.