About the Loan Process
There is no question ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page application and get an excellent loan funded in one day. But Tier One Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. We'll also help you through different scenarios by asking a few simple questions. 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 can start to save you money. You will give us details on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we have reviewed this info we will provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent should use your 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 your new home with your REALTOR™, we find the best program for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your closing date. Because you won't have to worry with this coordination, you can think about moving, painting, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! Tier One Mortgage, LLC is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
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!