The Loan Process: an Overview

No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a one-page application and receive a great loan funded 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 mortgage loan involves four major milestones.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan

This step is where Tier One Mortgage, LLC can begin saving you money. You will supply information about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We'll review all this information and give you a letter of pre-qualification. Be careful with this letter — it is a great 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 home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and it's been accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time 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

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company on your closing date. Since you will not need to coordinate this process, you get to concentrate on moving, painting, new carpet, and the fun parts of getting your new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! Tier One Mortgage, LLC is a mortgage specialist; 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 (585) 282-0960. We answer questions about the loan process every day.