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Overview of the Loan Process
at Ameristar Mortgage
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Step One: Contact Us |
You can access our latest rates 24 hours a day,
7 days a week online at this site. Ameristar Mortgage Corporation
is open five days a week, Monday through Friday 8 A.M. to 5
P.M. CST and evenings and weekends by appointment.
At any time in your shopping process, Ameristar Mortgage Corporation's
highly skilled loan originators will be happy to assist you
in finding the program that best suits your borrowing goals.
Our staff is trained to give you straightforward, honest answers
that make getting the right loan easy. Whether you want a Good
Faith Estimate, or even a pre-approval, you never have to leave
your home or office. Ameristar Mortgage Corporation will gather
the proper information over the phone and fax or mail the necessary
documents directly to you.
At this Web site, you can check our most recent rates, fees
and closing costs, communicate with our staff through e-mail,
submit a pre-approval, and even apply for a mortgage 24 hours
a day, seven days per week.
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Step Two: Applying |
Apply online at
this web site, download the application and fax it to us, or
send the application by U.S. mail. You can also submit your
loan application
by phone with a loan originator
or schedule an appointment (day, evening, weekend and in home
appointments available); the process takes just minutes! Any
way you choose to apply, Ameristar Mortgage will lock
or float your rate based on your needs. If you close within
your designated lock-in period we guarantee that the terms (rate
and points) of your loan will not change.
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Step Three:
Confirmation of Application |
Within 48 business hours of receiving your documents,
complete documentation relating to your loan will be sent to
you for your approval. Your package includes your typed application
as well as other disclosures and written agreements, and a list
of documents required to expedite the processing or your loan
will be sent to you by e-mail and/or mail.
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Step Four: Processing
and Appraisal |
Processing your
file will allow us to complete the package for underwriting.
Ordering credit reports, title reports and appraisal is completed
in this step. We'll order the appraisal from a licensed
appraiser who is familiar with home values in your area.
In this phase, we will be completing the file, gathering all
documentation and "painting the picture" for an underwriter.
This process allows us to present your case to the investor
in the most favorable light. Our ability to present your financial
package to the lender will allow us
to secure the best rate in the least time possible.
Title insurance will be necessary, if you are
purchasing a home
we'll work with the real estate broker or seller to ensure the
title work is ordered as soon as possible. If you are
refinancing we'll
take care of ordering the title work for you. We'll use the
title insurance policy to confirm the legal status of your property
and to prepare the closing documents.
This is where the
final loan product is selected and
the interest rate is locked in (if it hasn't been locked
in already). If you know at any time what type of loan you want,
and feel the rate is acceptable, we can lock your
loan at any time.
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Step Five: Underwriting |
This is where the
final decision is made by our onsite underwriting department.
With in-house underwriting you will get an answer within 24-48
hours. They will review your entire package and make their decision
based on five critical elements:
- Income
- Assets
- Liabilities
- Collateral
- Credit
History
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Step Six: Closing |
Here is the final
step to the transaction. We will have the documents sent to
a closing facility near you. This is where you sign the documents
necessary to satisfy the lender. This is also where any funds
required for closing (such as down payment) will be required.
Once all parties have been satisfied, the loan will "Close"
and funds will be disbursed.
A few days before closing your Loan Officer will contact
you to walk through the final information.
That's all there is to it!
Apply Now
and you will be on your way to the most convenient home loan
ever!
If you have any further questions feel free to
contact us at any time! |
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