An Overview of the Mortgage Loan Process
There's quite a lot involved when you get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive an excellent 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: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where Ashok Lakshmanan can start to save you money. You will provide info on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we have reviewed all this information we give you a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we're busy finding the loan that's right for your unique situation.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Because you don't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! Ashok Lakshmanan is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. It's our job to answer lending questions, so we're happy to help!