Met Mortgage - Loan process

A Division of
PrimeLending, a PlainsCapital Company

The Loan Process

Our Lenders and Brokers can qualify many borrowers for a home loan. Our goal is to provide you with a mortgage loan with satisfactory terms and conditions, based upon your current circumstances. When you submit your loan application via our website, the first most will obtain is a credit report. This gives them the information regarding the different types of loans you may qualify for. Then they can begin selecting various program options to offer you. This process can occur within about an hour. If there is any additional information needed, they may contact you by email or telephone to in order to speed up the process. The documentation you should be prepared to provide is:

Your bank statements for the last 60 days
Your paycheck stubs for the last 30 days
Your IRA, 40lK or other investment account statements
Employment information for the last two years (W-2s or Tax Returns if you are self-employed)
Residence history for the last two years, including your Landlord’s name, address and phone number (or your current mortgage company information)
Divorce decree, child support order or other legal papers (as needed)
Copy of you Drivers License, Social Security Card, Resident Alien Card (if applicable)

Upon receipt of the above information, they can usually issue a credit approval immediately or within one day. This can be done in advance, before you even begin looking for a home. Once you have obtained our credit decision, they can provide an approval letter for you and your Real Estate Agent. This way you will already be prepared once you find the home you wish to buy.

There are many different types of mortgage loans available, some require no down payment and others a small down payment, depending upon your credit history. There are loan programs, which do not require all of the above documentation. These programs require excellent credit and the ability to pay 5% of the sales price as a down payment.

The mortgage loan process usually takes about 2-3 weeks from the time you enter into a contract to purchase a home. Our Lenders and Brokers take care of ordering an appraisal, title report and survey for the property you will be purchasing. You and your Agent will be responsible for arranging a real estate inspection, if you choose. The inspection is usually done as soon as possible. Some loan programs may take as much as 30 days for completion of the purchase transaction, but you will know in advance how much time is involved.

We want you to understand this process. Make sure you do not fall victim to loan fraud or predatory lending.