The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
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There is little doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a simple loan app and get the best 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 primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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. 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 provide information on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we are researching the best loan for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender needs are available, and you will probably likely sign everything at their office. We work with with this company to set your date to close. Because you don't need to worry about these details, you get to think about moving, painting, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! Metro Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?