How the Loan Process Works
There's little doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage 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 home loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 rubber meets the road and Tier One Mortgage, LLC can really save you money. You will provide info on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review all this information we provide a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company on your date to close. Because you will not have to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are moving in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Tier One Mortgage, LLC at 5852820960. We answer questions about the loan process every day.