An Overview of the Mortgage Loan Process

There can be little question ; getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a simple application and get 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? 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: complete a pre-qualification

This step is where Ashok Lakshmanan will begin to save you money. You will provide details about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have gone over this information we give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your agent will likely use the 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 real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order an appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your closing date. Since you don't need to worry about these details, you get to think about moving, painting, carpet, and the details involved in getting your new home.

You've answered a few questions, provided detailed information, applied , 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 6307173600. Ashok Lakshmanan answers loan process questions every day.