The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a simple application and receive the best loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 step is where Channel Mortgage LLC will start to save you money. You will provide information about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Since you don't need to worry about these details, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of getting a new home.
You've answered some few questions, provided detailed information, applied online, 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 Channel Mortgage LLC at (718) 639-9500. Channel Mortgage LLC answers loan process questions every day.