The Loan Process: an Overview
No doubt, a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. 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.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and Channel Mortgage LLC can really save you money. You will supply info about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great 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 deciding on the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date to close. Since you won't need to coordinate this process, you get to think about moving, paint colors, carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can focus on finding the new home that's right for you.
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!