The Loan Process: an Overview
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be visiting our site if you could fill out a simple loan app and receive a great loan funded in one 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 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? Use the calculators on our website to determine your monthly payment amount. 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 Ashok Lakshmanan will start saving you money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate 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 the home that's right for you, we are finding the best loan program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's 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 can think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Ashok Lakshmanan is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. We answer questions about the loan process every day.