An Overview of the Loan Process
There is little doubt that getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive an excellent loan check cut in one day. 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.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
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. 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 step is where Channel Mortgage LLC will begin to save you 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 pull your credit score and report. After we have reviewed all this information we provide a pre-qualification letter. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's just right 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 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: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at this company's 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 get to concentrate on moving, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Channel Mortgage LLC is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Channel Mortgage LLC at (718) 639-9500. We answer questions about the loan process every day.