The Mortgage Loan Process: an Overview

There can be little doubt that getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four main steps involved in obtaining a loan.

Step one: determine how much you can borrow

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: pre-qualify for your loan

This is where the process really begins and Ashok Lakshmanan can really save you money. You will provide details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Since you will not need to worry with this coordination, you get to think about the move, paint colors, new carpet, and all the details of getting your new home.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of the legwork so you can spend your time finding your new home.

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!