The Loan Process: an Overview
There can be little question ; getting a mortgage loan is a complex process. You wouldn’t be here on our website if you could complete a simple loan application and receive a great loan funded the same day. We do 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 primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where Channel Mortgage LLC will begin to save you money. You will give us info on your employment, 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. After we’ve finished reviewing your information, we’ll give you 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 deciding on the home that’s right for you, we’re busy researching the loan that’s right for your situation.
Once you’ve made the offer and the sellers have accepted, it’s time to apply for the loan. Applying for your loan couldn’t be much easier; you can
apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller’s will coordinate to find an escrow/title company to take care of the funding of your loan. We’ll coordinate with this company to ensure the papers your lender will require are avaiailable, 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 will not need to coordinate this process, you can think about the move, painting, carpet, and all the details of moving into your new home.
You’ve answered a few questions, provided detailed information, applied online, and before you know it, you’re deciding when to move 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. Channel Mortgage LLC answers loan process questions every day.
