How the Loan Process Works
There's a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a simple application and get the best loan check cut in one 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification
This step is where Tier One Mortgage, LLC will begin to save you money. You will supply info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll go over all this information then provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. 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 you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Since you will not have to worry with this coordination, you can think about the move, paint colors, new carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of all the loan details 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 5852820960. We answer questions about the loan process every day.