The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 rubber meets the road and Tier One Mortgage, LLC can really save you money. You will give us info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review this info we give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Because you will not need to worry about these details, you get to think about the move, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed 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 sound nice?
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!