About the Loan Process
There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day by filling out 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 home loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 process really begins and you save the most money. You will supply information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. 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 picking out the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you won't have to worry about these details, you get to concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Channel Mortgage LLC at (718) 639-9500. We answer questions about the loan process every day.