An Overview of the Loan Process
No doubt, a lot to do when you get a mortgage loan. You wouldn't 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 main steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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. 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 is where the rubber meets the road and Metro Mortgage can really save you money. You will give us information on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy researching the loan that's right for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Because you won't need to worry with this coordination, you get to concentrate on moving, painting, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Metro Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. Metro Mortgage answers loan process questions every day.