First Time Home Buyers

Explore More Topics…

The Mortgage Process

The typical loan process for most purchases is about 30 days. During this time, you will be asked to provide documentation that confirms your income, savings, debts, and credit history. At the beginning of the loan process you will be provided with "disclosures". These documents explain what type of loan you are requesting. Once you've signed your disclosures and sent in the required loan documents, your loan officer will submit these documents to an underwriter for loan approval. The underwriter will review your loan file, and may ask for additional documents or LOEs (Letters of Explanation). After the underwriter has approved the file, you will be invited to schedule a "closing appointment". Usually your appointment will be with a registered notary, and they will provide you with your closing documents that explain the terms of your loan and your promise to repay. After you've signed your loan documents and they've been reviewed, your loan goes to funding. Funding means that funds are transferred and you officially become the owner of your first home!

You most likely will have lots of questions during the loan process. Your Metro Loan Officer will email you at each step of the loan process to keep you informed, and our entire team is always available to assist you.

Apply for a Loan Now!