The Loan Process: An Overview

There's little doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to fill out a simple loan app and receive an excellent loan funded in one 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.

Step One: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few 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 Metro Mortgage will begin saving you money. You will supply information on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this info and provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your agent will use the 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 shopping for your new home, we are researching the best loan for you.

Step Three: Apply now! We make it easy

Once you've made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.

Step Four: Funding

Your real estate agent and the sellers will work together to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will require are in order, and you will likely sign everything at this company's office. We will coordinate with the title company to set your date of closing. Since you won't need to worry with this coordination, you get to think about the move, painting, new carpet, and the fun parts of getting a new house.

Once you've answered a few questions, provided lots of information, and applied online, you'll be moving in before you know it! Metro Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?

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