The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is little doubt ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single 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 loan involves four major steps.
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. We'll also help you through different scenarios by asking a few simple questions. 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 can start to save you money. You will give us details on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). When we review all this info we give you a letter of pre-qualification. Your agent will likely use your 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 shopping for your new home, we're busy finding the loan that's just right for you.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you won't have to coordinate this process, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! 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. It's our job to answer lending questions, so we're happy to help!