An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot to do in order to get a mortgage. You wouldn't be visiting our website if you could fill out a one-page application and get an excellent loan funded the same day. 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.
Step One: Decide on your maximum loan amount
This is a function of a couple things. 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 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 is where Metro Mortgage can start to save you money. You will give us info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, we find the best program for you.
Step Three: Apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step Four: Your loan is funded
Your Realtor® and the sellers will work together to designate a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are available, and you will probably sign everything at this company's office. We will coordinate with this company on your closing date. Because you won't have to worry about these details, you get to concentrate on the move, painting, new carpet, and the fun parts of getting a new house.
After you have answered a few questions, given us lots of information, and applied online, you'll be moving in before you know it! Metro Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it?