How the Loan Process Works
There's little question ; getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Ashok Lakshmanan does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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: pre-qualify for your loan
This is where the process really begins and Ashok Lakshmanan can really save you money. You will provide info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll review this information then will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Because you won't need to worry about these details, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Ashok Lakshmanan at 6307173600. We answer questions about the loan process every day.