An Overview of the Loan Process
There's quite a lot to do when you get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out 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.
Getting a mortgage loan involves four major milestones.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 you save the most money. You will give us information on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. We'll go over this information then will provide a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! 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 deciding on your new home, we're busy researching the loan that's just right for your situation.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Since you won't need to worry with this coordination, you can think about moving, paint colors, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! We do the legwork 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. We answer questions about the loan process every day.