The Mortgage Loan Process: an Overview
There's a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could fill out a simple loan app and receive a great loan funded the same day. 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 milestones.
Step one: determine how much you can borrow
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. 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 Ashok Lakshmanan will begin to save you money. You will provide details about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe work with with the title company on your date of closing. Because you won't have to worry about these details, you can think about the move, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! Ashok Lakshmanan is in the business of mortgage 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. We answer questions about the loan process every day.