About the Mortgage Loan Process
There is no question ; getting a mortgage 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 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 main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where Tier One Mortgage, LLC will begin saving you money. You will supply information on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have gone over all this info we provide a pre-qualification letter. Be careful with this letter — it is a useful 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 your new home, we're busy researching the loan that's just right for you.
Step three: apply now! We make it easy
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 website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date of closing. Because you don't need to worry with this coordination, you get to concentrate on moving, painting, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you're moving in! Tier One Mortgage, LLC is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Tier One Mortgage, LLC at (585) 282-0960. It's our job to answer lending questions, so we're happy to help!