About the Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and receive a great 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 milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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: pre-qualify for your loan
This is where Ashok Lakshmanan will begin to save you money. You will supply details on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We'll review this info and will provide a letter of pre-qualification. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we are researching the loan that best fits your needs.
Once you've made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
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 all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your closing date. Since you won't have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in getting your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. It's our job to answer lending questions, so we're happy to help!