How the Loan Process Works
There's little question ; getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and get the best loan check cut the same day. But Ashok Lakshmanan does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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: complete a pre-qualification
This step is where Ashok Lakshmanan can begin saving you money. You will supply info on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be 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 work together to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Because you won't have to coordinate this process, you get to think about the move, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're 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 6307173600. We answer questions about the loan process every day.