The Mortgage Loan Process: an Overview

There's no question ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple loan app and get an excellent loan check cut the same day. We do most of 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 home loan involves four major steps.

Step one: determine how much you can borrow

This is a function of a couple things. 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? 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 the process really begins and Ashok Lakshmanan can really save you money. You will supply details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your agent will likely 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're busy finding the loan program that's right for your unique situation.

Step three: apply for your loan

Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, 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: funding

Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe work with with the title company on your date to close. Since you don't have to worry about these details, you can think about moving, if you're going to repaint, new carpet, and the fun parts of getting a new home.

You've answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Ashok Lakshmanan is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

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!


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