Loan Process

Getting a mortgage doesn’t have
to be a confusing process. It begins
with your decision to either purchase
a new property or refinance an existing
one. Either way you’re probably
attempting to fulfill a need or meet a
goal such as create savings for an
education or purchase a vacation home.
An experienced mortgage broker can
lead you through the process with a
personalized attention to your needs
that large lending institutions can’t offer.

Step 1: Choosing a Broker
A reputable broker can be located through local organizations like the BBB or by word of mouth from friends and relatives. They should be willing to take the time to listen to your goals and suggest suitable financing alternatives that will help protect you, your family and your home.

Step 2: Making an Application
Modern technology has given you and your broker several options for completing the application process. At Metropolitan Mortgage it can be completed in person, over the telephone,via email, or on our website. Either way our staff is always available to answer any questions or concerns you may have about the paperwork. We always provide the required disclosures and a good faith estimate of fees within 3 days of your completed application as required by federal law.

3: Getting the loan approved
This is where we really go to work on your behalf. Throughout the application process we will be gathering information from you, your employers, financial institutions, the credit bureau, and property appraisers. All of this information will be compiled into a thorough snapshot of the overall financing scenario and submitted to the appropriate lender. Upon review a ”conditional approval“ will be issued.

4: Closing the loan
Once the conditions of the approval have been met our lender will assign a ”clear to close“ status to the loan. Within 24-48 hours we will be able to meet at the closing table to complete your transaction with any other interested parties, such as sellers, realtors and attorneys.