How the Loan Process Works

There's little question ; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. 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 home loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. 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 the rubber meets the road and Tier One Mortgage, LLC can really save you money. You will give us details on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure 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 to set your date to close. Since you won't need to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting your new home.

You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! We do the mortgage 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. It's our job to answer lending questions, so we're happy to help!