The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be visiting our website if you could complete a one-page loan app and get the best loan check cut in one 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 home loan involves four major steps.
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 process really begins and Tier One Mortgage, LLC can really save you money. You will give us information about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Once you've made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you will not have to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time 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.