The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive a great loan check cut in one day. 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 steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 begin saving you money. You will give us information about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this information we give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are looking for the loan that best fits your needs.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply 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: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Because you won't have to worry with this coordination, you get to concentrate on moving, paint colors, carpet, and all the details of getting a new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're moving in! Tier One Mortgage, LLC is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
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.