The Loan Process: an Overview
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a one-page mortgage application and get the best loan check cut the same day. But Tier One Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 Tier One Mortgage, LLC will begin to save you money. You will give us details about your current job, assets, and 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, of course). We will go over all this information and provide a letter of pre-qualification. 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 looking for your new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Because you don't have to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving 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 5852820960. It's our job to answer lending questions, so we're happy to help!