How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page loan application and receive 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.
There are four main steps involved in obtaining a 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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This step is where Ashok Lakshmanan will begin to save you money. You will supply details about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will likely 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 your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Because you won't have to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the fun parts of getting a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Ashok Lakshmanan is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. Ashok Lakshmanan answers loan process questions every day.