An Overview of the Loan Process

No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if you could fill out a simple loan app and receive an excellent loan funded the same day. 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 mortgage loan involves four major milestones.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 start saving you money. You will supply info on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over this information and give you a letter of pre-qualification. Your REALTOR® will 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 shopping for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company on your closing date. Because you don't need to worry with this coordination, you can think about the move, painting, new carpet, and the fun parts of getting a new home.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We do the legwork so you can focus on finding your new home.

Have questions about the loan process? Call Tier One Mortgage, LLC at (585) 282-0960. Tier One Mortgage, LLC answers loan process questions every day.