An Overview of the Mortgage Loan Process

There can be little doubt that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with 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.

Getting a loan involves four major milestones.

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? 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. 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 is where the process really begins and you save the most money. You will give us info about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, 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 worry with this coordination, you get to think about moving, paint colors, new carpet, and all the details of getting a new house.

You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! Channel Mortgage LLC is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Channel Mortgage LLC at 7186399500. Channel Mortgage LLC answers loan process questions every day.

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Channel Mortgage LLC

Connecting the Dots to Home Ownership

55-25 69th Street 1st Floor
Maspeth, NY 11378-1806