The Loan Process: an Overview
There can be no doubt that getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a one-page application and receive the best loan check cut in one day. 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 important steps involved in getting a mortgage 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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where the process really begins and Channel Mortgage LLC can really save you money. You will provide info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review this info we will provide a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! Your 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 shopping for a new home with your real estate agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date of closing. Since you don't have to worry about these details, you can think about the move, painting, carpet, and all the details of moving into 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! We take care of all the loan details 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. It's our job to answer lending questions, so we're happy to help!