The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. 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 getting a mortgage 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? 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 is where AmeriBest Mortgage will begin to save you money. You will provide details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Since you don't have to worry about these details, you get to think about moving logistics, paint colors, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! AmeriBest Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call AmeriBest Mortgage at 3217777277. AmeriBest Mortgage answers loan process questions every day.