The Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be here on our website if it were possible to fill out a one-page loan application and get the best loan check cut in one 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.
There are four main steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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: pre-qualify for your loan
This is where Ashok Lakshmanan will start to save you money. You will provide details about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll go over this information then will provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Since you won't need to coordinate this process, you can concentrate on the move, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can spend your time finding your new home.
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!