How the Loan Process Works
No doubt, a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Ashok Lakshmanan does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
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. We'll also help you through different scenarios by asking a few simple questions. 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 Ashok Lakshmanan can start to save you money. You will supply information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your real estate agent will use the 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 picking out your new home, we're busy finding the loan program that's right for you.
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date of closing. Since you don't have to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied , and before you know it, you're moving in! Ashok Lakshmanan is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Ashok Lakshmanan at 6307173600. Ashok Lakshmanan answers loan process questions every day.