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

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.