How the Mortgage Loan Process Works
There can be little doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a one-page loan app and receive an excellent loan funded in one day. 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: determine how much you can borrow
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. 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: pre-qualify for your loan
This is where the process really begins and AmeriBest Mortgage can really save you money. You will give us info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we have gone over this information we will provide a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! 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 picking out the home that's right for you, we are finding the best loan for you.
After you've made the 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. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you won't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided 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 (321) 777-7277. AmeriBest Mortgage answers loan process questions every day.