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Navigating the Mortgage Process: A Step-by-Step Guide

From application to closing, we guide you every step of the way, ensuring transparency, convenience, and peace of mind with Ameritrust Mortgage

Ameritrust's Refinance Home Loans Process

Refinancing your home with Ameritrust involves several straightforward steps aimed at improving your mortgage terms or accessing equity. Here's a simple guide to help you understand our refinancing process:

Step 1: Consideration and Goal Setting

  • Assess Your Financial Goals: Determine why you want to refinance, whether it's for a lower interest rate, changing your loan term, accessing home equity, or consolidating debt.
  • Review Your Current Mortgage: Understand the terms of your existing mortgage, including interest rate, monthly payment, and remaining balance.

Step 2: Initial Research and Contact

  • Explore Ameritrust's Offerings: Visit our website or contact our customer service to learn about different refinancing options, rates, and terms available.
  • Gather Financial Information: Collect necessary documents such as pay stubs, tax returns, and statements for all debts and assets.

Step 3: Application Submission

  • Complete Online Application: Fill out the refinancing application on Ameritrust's platform, providing detailed information about your financial situation and the property.
  • Submit Documents: Upload or send required financial documents through Ameritrust's secure portal or via email as directed by your loan officer.

Step 4: Loan Review and Rate Lock

  • Credit and Document Review: Ameritrust will review your credit score, financial documents, and application details to determine eligibility.
  • Rate Lock Option: Once pre-approved, you can choose to lock in your interest rate. Ameritrust will provide the terms of the rate lock, including duration and any applicable fees.

Step 5: Property Appraisal & Underwriting

  • Arrange for Appraisal: Ameritrust will schedule a property appraisal to assess its current value, essential for determining the loan-to-value ratio.
  • Underwriting Process: Your loan moves to underwriting, where Ameritrust evaluates the risk based on application data, credit review, and appraisal.

Step 6: Loan Approval & Closing Disclosure

  • Receive Loan Approval: If everything meets requirements, Ameritrust will issue loan approval, confirming eligibility for refinancing.
  • Review Closing Disclosure: You'll receive a document outlining final loan terms, including interest rate, monthly payments, and closing costs.

Step 7: Closing on Your Refinance

  • Schedule the Closing: Arrange a date and time, either in person or virtually, depending on Ameritrust's policies.
  • Understand Closing Costs: Be prepared to pay any fees not rolled into the loan balance, with Ameritrust providing a breakdown beforehand.
  • Sign Documents: Review and sign all necessary documents at closing, ensuring clarity on each.

Step 8: After Closing

  • Right of Rescission: If it's your primary residence, remember the three-day right of rescission period to cancel if needed.
  • First New Payment: Note when your first payment is due under the new terms, with Ameritrust providing details on payment options.

Key Considerations

  • Customer Support: Our team and your dedicated loan officer are available for questions and updates throughout the process.
  • Online Tools: Use our online resources for tracking application status, calculating potential savings, and understanding refinancing benefits.

Have Questions?

Curious about anything?

Below you can find the answers to frequently asked questions.

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info@ameritrust-mortgage.com

Address: 17341 Irvine Blvd., Suite 285, Tustin, CA 92780