An Overview of the Loan Process

Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Channel Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan

This is where Channel Mortgage LLC can start to save you money. You will give us information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Since you will not have to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the details involved in getting a new home.

You've answered a few questions, provided detailed information, applied , and before you know it, you are moving in! Channel Mortgage LLC 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 Channel Mortgage LLC at (718) 639-9500. It's our job to answer lending questions, so we're happy to help!

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