The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There's little question that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Tier One Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

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. 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: pre-qualify for your loan

This step is where Tier One Mortgage, LLC will start saving you money. You will supply info on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! 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 looking for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you will not need to worry about these details, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of moving into your new home.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! We do the legwork so you can spend your time 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!