The Loan Process: Four Steps
Make no mistake, there's quite a lot involved in order to get a mortgage loan. You wouldn't be here on our website if you could complete a one-page loan application and get an excellent loan funded in one day. But Metro Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide how much you can afford
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? 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 is where the process really begins and Metro Mortgage can really save you money. You will give us details on your employment, 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've reviewed this information, we'll provide you with a pre-qualification letter. Be careful with this letter — 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 shopping for a new house with your real estate agent, we find the best program for you.
Step Three: Apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step Four: Your loan is funded
Your Realtor® and the sellers will work together to designate a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender requires are available, and you will likely sign all these papers at this company's office. We will coordinate with the title company on your date of closing. Because you will not have to worry about these details, you get to concentrate on the move, paint colors, new carpet, and the fun parts of getting a new house.
Once you've answered a few questions, given us detailed information, and applied online, you'll be ready to move sooner than you think! We take care of the loan details so you can spend your time finding the new home that's right for you.