The Loan Process: an Overview
There can be no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if you could complete a simple mortgage application and get 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 important steps involved in obtaining a mortgage 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where AmeriBest Mortgage can begin to save you money. You will give us information about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we have reviewed all this information we will provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
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 the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you won't have to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! AmeriBest Mortgage is a mortgage specialist; you're not — so we do the work. 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!