The Four Steps of the Loan Process
There's little doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Step One: Determine how much you can borrow
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. 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: Complete a pre-qualification
This step is where Metro Mortgage can begin to save you money. You will provide information about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll give you a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step Four: Your loan is funded
Your real estate agent and the sellers will coordinate to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably sign everything at their office. We will work with this company on your date to close. Because you don't need to worry about these details, you get to think about moving logistics, painting, carpet, and the fun parts of getting your new home.
Once you've answered a few questions, provided lots of information, and applied, you'll be ready to move sooner than you think! We take care of all the loan details so you can focus on finding the new home that's right for you.