The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no question ; getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a simple application and receive the best loan check cut the same day. We do most of 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 the process really begins and you save the most money. You will give us details on your employment, 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. When we review all this information we will provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Because you will not have to worry about these details, you can concentrate on moving, paint colors, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Tier One Mortgage, LLC is in the business of loans; you're not — so we 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.