The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could 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 getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 rubber meets the road and Ashok Lakshmanan can really save you money. You will provide info on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. When we review this information we will give you a letter of pre-qualification. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Because you don't have to worry with this coordination, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new house.
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 loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. Ashok Lakshmanan answers loan process questions every day.