The Loan Process: an Overview
There's little question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and receive a great loan funded the same day. But Tier One Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 rubber meets the road and Tier One Mortgage, LLC can really save you money. You will provide information on your employment, your 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. After we've reviewed the provided 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! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are finding the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date to close. Since you will not need to worry about these details, you can think about the move, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you are moving in! Tier One Mortgage, LLC is in the business of mortgage loans; you're not — so 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. It's our job to answer lending questions, so we're happy to help!