How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and get an excellent loan check cut 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 important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where the process really begins and Tier One Mortgage, LLC can really save you money. You will give us info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! 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 program that's right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll 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" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Because you will not have to worry with this coordination, you can think about the move, painting, carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! Tier One Mortgage, LLC is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Tier One Mortgage, LLC at (585) 282-0960. We answer questions about the loan process every day.