An Overview of the Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan 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.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 provide information on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll review this information then will provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® 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.
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Because you won't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! Metro Mortgage is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. We answer questions about the loan process every day.