How the Mortgage Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. 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 mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where Ashok Lakshmanan will start to save you money. You will supply details on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. When we review this info we will provide a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date to close. Because you won't need to coordinate this process, you can think about the move, painting, carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are moving in! We do the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Ashok Lakshmanan at 6307173600. Ashok Lakshmanan answers loan process questions every day.