The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's little question ; getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to fill out a simple application and get an excellent 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 home loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This step is where Ashok Lakshmanan can start to save you money. You will provide info on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on a 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 needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your closing date. Since you don't have to worry about these details, you get to think about moving, painting, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're moving in! Ashok Lakshmanan is a mortgage specialist; 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.