About the Loan Process
There can be no question that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. But Tier One Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 the rubber meets the road and you save the most money. You will supply information on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we have reviewed all this info we will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs 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. Since you won't have to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Tier One Mortgage, LLC at (585) 282-0960. Tier One Mortgage, LLC answers loan process questions every day.