The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There can be no doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a loan in one day with a simple application. 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 obtaining a loan.

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? 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 is where the process really begins and Ashok Lakshmanan can really save you money. You will give us info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your agent will 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 looking for the best loan program for you.

Step three: apply for your loan

Once you have made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you don't need to worry with this coordination, you can think about the move, paint colors, carpet, and all the details of getting a new home.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! Ashok Lakshmanan is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

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!


English Spanish