About the Mortgage Loan Process

There's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if you could get a loan in one day with a simple application. We do 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 steps.

Step one: Decide how much you can afford

This is a function of a couple things. 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. 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: complete a pre-qualification

This is where the rubber meets the road and Channel Mortgage LLC can really save you money. You will provide information on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Because you won't have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and all the details of moving into your new house.

You've answered a few questions, provided detailed 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. Makes sense, doesn't it??

Have questions about the loan process? Call Channel Mortgage LLC at (718) 639-9500. We answer questions about the loan process every day.

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