The Mortgage Loan Process: an Overview
There's no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a one-page loan app and get an excellent loan funded the same day. We do 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 important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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. 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 start to save you money. You will give us information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have gone over this information we provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home, we are finding the best loan for you.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Since you will not need to worry about these details, you get to think about moving, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! Ashok Lakshmanan is in the business of 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.