The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple application and receive a great loan check cut in one day. We do most of 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 loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will give us information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We will go over all this info and provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.
Once you have made an 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. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with this company on your date to close. Because you won't need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed information, applied , and before you know it, you're moving in! AmeriBest Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call AmeriBest Mortgage at 3217777277. We answer questions about the loan process every day.