The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. 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 important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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 is where the rubber meets the road and you save the most money. You will give us info about your employment, assets, and residence history. You'll give us 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 have gone over this info we will give you a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you won't have to worry with this coordination, you can think about moving logistics, painting, carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you're 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 3217777277. We answer questions about the loan process every day.