The processor gets hot, as do many of the other components. Unless you have changed it of late, I recall that your laptop is one made using cheaper components not designed for laptops (that's why it was cheap). But that doesn't really matter.
Components inside the laptop are fixed against heatsinks to carry the heat away, and a VERY thin layer of heat-conducting compound (sometimes called thermal paste) is placed in between to improve the heat flow. It needs replacing if you take the component off its heatsink, but should never need replacing otherwise, and too much of it just makes a mess and works less well.
If the heat is getting from the components to the heatsinks as it should, the fan will be blowing warm air out of the vents under or at the side of the laptop.
If there was a problem and it is now fixed, you should notice that the air coming out is warmer than before, not cooler, because the waste heat is being carried away more effectively.
However, if that is the case, the components will be cooler, so the laptop wil be running faster: they slow down when they detect overheating.
Generally, laptops overheat because the vents are blocked (by dust or fluff, or by being put on a cloth instead of a hard surface) so the fan can;t blow ir through, or because there are too many programs running (such as anti-virus software - or viruses!).
If you still have the same laptop as you had a year or so ago, I VERY strongly advise you not to spend any more money on it. Put it towards buying something that is significantly better.
I do have a good spec Lenovo Thinkpad now but its not one of the top end bullet proof ones but I got it ridiculously cheap so it will do for a couple of years or so.