An Overview of the Loan Process
There's no question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. But Tier One Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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: pre-qualify for your loan
This is where the process really begins and Tier One Mortgage, LLC can really save you money. You will supply information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We'll go over this information then will give you a letter of pre-qualification. Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the loan that best fits your needs.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your closing date. Since you will not need to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you're moving in! We take care of the 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. Tier One Mortgage, LLC answers loan process questions every day.