An Overview of the Loan Process
There is no question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple loan app and get a great loan funded in one day. But Channel Mortgage LLC 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
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? 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. 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: complete a pre-qualification
This is where Channel Mortgage LLC can begin saving you money. You will supply details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll go over all this info and will provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Since you will not have to worry with this coordination, you get to think about moving logistics, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! Channel Mortgage LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Channel Mortgage LLC at (718) 639-9500. We answer questions about the loan process every day.