How the Mortgage Loan Process Works
There can be no question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to complete a one-page loan application and receive the best loan check cut 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan
This is where the process really begins and Ashok Lakshmanan can really save you money. You will provide information about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have reviewed this info we will give you a pre-qualification 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 picking out your new home, we are looking for the best loan for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you will not have to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! Ashok Lakshmanan is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
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!