The Mortgage Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out 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.
There are four primary 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? 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. 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 Metro Mortgage will start to save you money. You will provide info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are researching the best loan program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not be 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 a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/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 needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Because you will not need to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! Metro Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. We answer questions about the loan process every day.