How the Loan Process Works

There can be no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if you could complete a simple loan app and get a great loan funded in one day. But AmeriBest Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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 is where the process really begins and you save the most money. You will provide information on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review all this information we provide a letter of pre-qualification. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home 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

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Because you don't need to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the fun parts of getting your new house.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call AmeriBest Mortgage at 3217777277. AmeriBest Mortgage answers loan process questions every day.