The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple mortgage application and get a great loan funded the same day. But Metro Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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 the rubber meets the road and you save the most money. You will supply details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. We'll review this info then provide a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/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 require are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your date of closing. Because you don't need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Metro Mortgage at 866-300-1550. We answer questions about the loan process every day.