How the Mortgage Loan Process Works
There is little doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could complete a one-page loan app and get an excellent 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: 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. 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 details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. We will go over this info and will provide a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. Finally, we'll order an 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 of the sale. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Because you will not have to worry with this coordination, you get to think about moving, paint colors, carpet, and all the details of getting a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Channel Mortgage LLC at 7186399500. Channel Mortgage LLC answers loan process questions every day.