The Mortgage Loan Process: an Overview

Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 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 the rubber meets the road and Metro Mortgage can really save you money. You will supply details on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date of closing. Since you won't need to coordinate this process, you get to think about moving, paint colors, carpet, and the fun parts of moving into a new house.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Metro Mortgage at 4054054054. Metro Mortgage answers loan process questions every day.