The Mortgage Loan Process: an Overview
There is no question ; getting a mortgage is a complicated process. You wouldn't be here on our site if you could fill out a one-page loan app and get an excellent loan funded in one day. 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.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. We'll also help you through different scenarios by asking a few simple questions. 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 rubber meets the road and Ashok Lakshmanan can really save you money. You will supply details about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your agent will 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 are finding the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, 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'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require 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 to set your date to close. Because you will not have to worry about these details, you can think about moving, paint colors, new carpet, and all the details of getting a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! Ashok Lakshmanan is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. We answer questions about the loan process every day.