The Mortgage Loan Process: an Overview
There can be no question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. 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. We'll also help you through different scenarios by asking a few simple questions. 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 the rubber meets the road and you save the most money. You will supply information about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Because you won't have to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. Ashok Lakshmanan answers loan process questions every day.