How the Loan Process Works

There's no doubt ; getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. 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.

There are four primary steps involved in obtaining a loan.

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. 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: complete a pre-qualification

This is where the process really begins and Tier One Mortgage, LLC can really save you money. You will give us information about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your agent will use your 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 agent, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date of closing. Since you won't have to worry about these details, you get to concentrate on the move, paint colors, new carpet, and the details involved in moving into a new home.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! Tier One Mortgage, LLC is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?

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.