The Loan Process: an Overview
There can be no doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a loan in one 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.
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? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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: pre-qualify for your loan
This step is where Channel Mortgage LLC will start saving you money. You will give us info about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you will not have to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! 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. It's our job to answer lending questions, so we're happy to help!