An Overview of the Loan Process
There's a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. 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 steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. 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 will start to save you money. You will give us information about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide 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 shopping for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your closing date. Because you won't have to coordinate this process, you can concentrate on the move, paint colors, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Channel Mortgage LLC is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Channel Mortgage LLC at (718) 639-9500. Channel Mortgage LLC answers loan process questions every day.