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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.

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Address: 17341 Irvine Blvd.,

Suite 285, Tustin, CA 92780