The Four Steps of the Loan Process:The Loan Process: Four Steps

There can be little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get an excellent 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 steps.

Step one: determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us info on your employment, your 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 pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, 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, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. 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 everything at this company's officeWe coordinate with this company on your date of closing. Since you don't need to worry with this coordination, you get to think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new house.

You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We do the mortgage legwork so you can focus on finding the new home that's right for you.

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