The Mortgage Loan Process: an Overview
There's a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans 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.
Getting a loan involves four major steps.
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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the process really begins and AmeriBest Mortgage can really save you money. You will give us info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the loan that best fits your needs.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Because you won't have to worry about these details, you can think about moving, painting, carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! AmeriBest Mortgage is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call AmeriBest Mortgage at (321) 777-7277. It's our job to answer lending questions, so we're happy to help!