How the Mortgage Loan Process Works
No doubt, a lot involved in oder to get a mortgage. You wouldn't be here on our site if you could complete a one-page application and get an excellent loan funded the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This is where Tier One Mortgage, LLC will begin saving you money. You will supply info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will use the 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 deciding on the home that's right for you, we're busy researching the loan that's right for your unique situation.
Once you've made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Since you won't need to coordinate this process, you can concentrate on moving, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving in! Tier One Mortgage, LLC is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Tier One Mortgage, LLC at (585) 282-0960. We answer questions about the loan process every day.