The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little question that getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a loan in one 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where AmeriBest Mortgage will start saving you money. You will supply info on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are looking for the loan that best fits your needs.
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 a loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Because you won't need to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the details involved in getting your new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the legwork so you can focus on finding your new home.
Have questions about the loan process? Call AmeriBest Mortgage at (321) 777-7277. AmeriBest Mortgage answers loan process questions every day.