How the Loan Process Works
There's a lot to do in oder to get a mortgage. You wouldn't be visiting our website if it were possible to complete a one-page mortgage application and receive an excellent loan check cut the same day. But AmeriBest Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where AmeriBest Mortgage will begin saving you money. You will provide information on your employment, 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). We'll review this info then will give you a pre-qualification letter. Be careful with this letter — 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 finding the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Since you don't need to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! AmeriBest Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call AmeriBest Mortgage at 3217777277. It's our job to answer lending questions, so we're happy to help!