The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

No doubt, quite a lot involved in oder to get a mortgage. You wouldn't be here on our site if you could fill out a simple loan app and get a great loan funded the same day. But Ashok Lakshmanan does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification

This step is where Ashok Lakshmanan will start saving you money. You will give us info about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Because you don't have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into a new home.

You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. Ashok Lakshmanan answers loan process questions every day.


English Spanish