The Mortgage Loan Process: an Overview
There's no question that getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But Metro Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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? 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. 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 Metro Mortgage can really save you money. You will give us details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed all this information we will give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan that's right for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, 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: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you won't need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into your new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. We answer questions about the loan process every day.