How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to 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 on your maximum loan amount
A couple of factors determine this amount. 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: complete a pre-qualification
This step is where AmeriBest Mortgage can begin saving you money. You will give us details on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your agent will 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 finding the best loan program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Since you will not need to worry with this coordination, you get to concentrate on moving, painting, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're moving in! AmeriBest Mortgage is a mortgage specialist; you're not — so take care of the details. 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!