The Four Steps of the Loan Process:The Loan Process: Four Steps

There's quite a lot involved when you get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page loan app and get the best 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 important steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 step is where Tier One Mortgage, LLC will begin to save you money. You will supply information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this info we provide a pre-qualification letter. Your agent will likely use the 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 looking for your new home with your agent, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your closing date. Since you will not need to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and all the details of moving into your new house.

You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! We do the mortgage legwork so you can spend your time 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!