The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little doubt ; getting a mortgage is a complex process. You wouldn't be visiting our site if you could complete a one-page loan app and receive the best loan check cut in one day. 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 primary steps involved in getting a loan.
Step one: Decide how much you can afford
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. 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 can begin to save you money. You will supply details about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date to close. Since you will not need to worry about these details, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are moving in! We do the legwork 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. It's our job to answer lending questions, so we're happy to help!