How the Mortgage Loan Process Works
There's a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if you could fill out a one-page loan application and get a great loan check cut the same day. 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 milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us info on your employment, 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. After we have reviewed all this information we provide a letter of pre-qualification. Your real estate agent should use the 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 house with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order an 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 of the sale. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your date to close. Because you won't have to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Tier One Mortgage, LLC at (585) 282-0960. We answer questions about the loan process every day.