The Four Steps of the Loan Process:The Loan Process: Four Steps

There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a simple loan app and get the best loan check cut in one day. But Channel Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

This is a function of a couple things. 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: complete a pre-qualification

This step is where Channel Mortgage LLC will begin saving you money. You will provide information on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan program that's right for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Since you don't have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the fun parts of getting your new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! Channel Mortgage LLC is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call Channel Mortgage LLC at 7186399500. It's our job to answer lending questions, so we're happy to help!

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Channel Mortgage LLC

Connecting the Dots to Home Ownership

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