How the Loan Process Works
There can be no question that getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could fill out a simple mortgage application and receive a great loan check cut in one day. But Metro Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 step is where Metro Mortgage can begin saving you money. You will supply details about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Since you won't have to worry about these details, you can think about the move, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Metro Mortgage is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. We answer questions about the loan process every day.