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

There can be little question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to complete a simple mortgage application and get an excellent loan check cut in one day. We do 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 primary steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

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. 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 you save the most money. You will give us details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We will review all this info then will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Since you don't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in moving into your new home.

You've answered some few questions, given us detailed information, applied , and the next thing you know, you're moving in! Ashok Lakshmanan is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?

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