How the Loan Process Works
There can be little doubt ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. But Metro Mortgage Lending does the heavy lifting so you can concentrate on your life rather than the 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? You can get a good idea of your preferred payment amount 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 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 the rubber meets the road and you save the most money. You will provide information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review all this information we will provide a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent should use your 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 with your Realtor®, we find the best program for you.
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step Four: Funding
Your Realtor® and the sellers will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will need are in order, and you will probably sign everything at their office. We will work with this company to set your date of closing. Because you will not need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into a new house.
After you have answered some few questions, provided detailed information, and applied, you'll be moving in before you know it! Metro Mortgage Lending is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Your trusted Louisville Mortgage Brokers
providing you with the best home loans and mortgage rates in KY.
Mortgage Experts That Are Here to Help We would love to provide assistance with purchasing or refinancing your home. Give us a call at 502-491-0749 or email firstname.lastname@example.org.