The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. 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 on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Metro Mortgage will start to save you money. You will give us details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. When we review this info we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you will not need to coordinate this process, you get to think about moving, painting, carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. It's our job to answer lending questions, so we're happy to help!