How the Loan Process Works
There's no doubt ; getting a mortgage loan is a complex 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.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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 is where Ashok Lakshmanan will begin saving you money. You will supply info on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will review all this information and give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your closing date. Since you won't need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! Ashok Lakshmanan is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. Ashok Lakshmanan answers loan process questions every day.