How the Mortgage Loan Process Works
There's no doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple application and receive an excellent loan check cut the same day. But Ashok Lakshmanan does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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? 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply info about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We'll go over all this info then give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find a 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 needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Since you don't have to worry about these details, you can think about moving logistics, painting, new carpet, and all the details of getting your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving! Ashok Lakshmanan is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. We answer questions about the loan process every day.