How the Loan Process Works
No doubt, a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. 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 milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 is where Tier One Mortgage, LLC will start to save you money. You will give us info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Because you will not need to worry about these details, you get to concentrate on moving, painting, new carpet, and the fun parts of getting a new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Tier One Mortgage, LLC is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
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.