The Mortgage Loan Process: an Overview
There's a lot to do when you get a mortgage loan. 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. But Ashok Lakshmanan does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide details on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. When we review all this info we will provide a letter of pre-qualification. Your real estate 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 the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all 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 coordinate with the title company to set your closing date. Because you won't need to worry about these details, you get to concentrate on the move, painting, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of the mortgage 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 630-717-3600. We answer questions about the loan process every day.