Find answers to your questions…Mid Michigan2024-03-18T09:35:24-04:00

Why use a local lender?

  • We are dedicated to our craft and community

  • We have more programs to fit your individual needs

  • We have the experience to deal with the special properties Mid Michigan has to offer

  • Transparent and upfront rates, costs, and programs.  No bait and switch.

Frequently Asked Questions

How Do I Know What Programs I Qualify For?2019-10-13T19:44:45-04:00

We offer FHA, RD/USDA, Conventional, VA, MSHDA, Rehab/Repair, and New Construction loans. We will take all your information and consider you for all programs. Based on your specific needs and long term goals, we will help you select which program is best for you.

Can I borrow more that just the purchase price?2019-10-13T19:14:36-04:00

Typically no. In certain circumstances with RD you can borrower more than the purchase price to cover appliances or minor repairs. Also an FHA 203k loan is a specialized program that you can use to make various repairs to the home.

How much does it cost to get a loan?2019-10-13T19:10:35-04:00

Loan costs vary per loan. We will work up a detailed itemized list of all the estimated loan fees and costs and present them to you. Some examples of customary charges include an appraisal, credit report, underwriting, title closing fee, title insurance, and recording charges.

Are there any first-time home buyer programs available?2019-10-13T19:44:53-04:00

Yes. We have a wide range of programs to meet many needs which include programs for first-time homebuyers.

How do I know what price house I qualify for?2019-10-13T19:45:01-04:00

When we qualify you for a home, what we try to determine is how much payment you can afford. Based on your payment comfortability, we can give you a price range to start searching in. Due to the many factors that go into calculating a monthly payment, you may be able to qualify for a $100,000 house but not an $80,000 house. We will look at each house you are interested in individually and give you customized figures before you make an offer.

Do I need to use a realtor?2019-10-13T19:25:12-04:00

No it is not required but it is highly recommended. A quality realtor has access to all listed properties and can help you negotiate the best price and terms. Also as a home buyer it doesn’t cost you anything.

How do I estimate what my interest rate will be?2019-10-13T19:09:38-04:00

Interest rates vary by credit score, loan amount, program, etc and change daily with market conditions. We will estimate your rate for your individual profile and keep you informed of where rates are and where they are going during your loan process.

Do I need to get pre-approved before I can look at houses?2019-10-13T19:26:17-04:00

We recommend it and most sellers won’t consider your offer without one. Our preapproval process does more than just preapprove you to buy a house. As part of our preapproval process we will make sure you know your price range, estimated payments, and estimated cash to close before you make an offer.

How long does it take to close on a loan?2019-10-13T19:15:07-04:00

Most loans can be closed in 3 – 4 weeks. Sometimes bank owned properties or complicated borrower profiles can take longer but some loans can also close quicker.

How do I estimate what my monthly payment will be?2019-10-13T19:08:32-04:00

There are many factors that go into calculating your monthly payment including loan amount, interest rate, homeowners insurance, property taxes, PMI, etc. Our job is to analyze each of the things that affect the monthly payment for each house and give you an accurate estimated payment based on the individual house you are interested in.

Where can I find listings of foreclosed properties?2019-10-13T19:24:34-04:00

The best way to locate foreclosed homes is to use a realtor.

What does my credit score need to be to get a loan?2019-10-13T19:28:09-04:00

We look at more than just your credit score for a loan but typically the minimum score is 620-640.

What type of documentation is required for a loan?2019-10-13T19:17:36-04:00

Typically loans require paystubs, 2 years W2’s and tax returns, and recent bank statements. Some customer profiles may require additional things such as bankruptcy papers, divorce decree, or child support documentation.

How much down payment is required to purchase?2019-10-13T19:13:10-04:00

Different programs have different down payment requirements. There are many programs to choose from and some are as little as zero down. It is also important that you understand the difference between down payment and cash to close. The program may require zero down payment but the loan closing costs still have to be paid for which means you may have to bring money to the table to close. However, sometimes the closing costs can be paid for by the seller. We can work with your offer to buy and build in costs to make there be little or no money out of pocket for your loan.

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Here’s what our clients have to say…

I have worked with Jerry on multiple occasions. Jerry is thorough and no surprises when we go to closing! Thank you to everyone at Metro Mortgage for your hard work and willingness to serve.
Anytime I visit there, I feel comfortable and welcomed, even just stopping in to pay a bill. It's like visiting family!
Jay Jahn Avatar
Jay Jahn
4/06/2024
We can honestly say Jerry, Amy and everyone at Metro Mortgage made our first home buying experience a very pleasant one. From our first conversation they explained each and every option that was available to us and we never felt pressured into any decision. Our phone calls were always handled in a professional and timely manner. All in all we really couldn't imagine our home buying process being any easier. Even now that the deal is done we would still feel 100% comfortable calling Jerry, Amy or anyone at Metro Mortgage with any questions. They really made us feel more like family than everyday customer. We could not thank them enough for their guidance and patience. We will definitely be recommending and going to them for any future buys.
Jessica Converse Avatar
Jessica Converse
3/28/2024
My experience with Metro Mortgage-Jerry you are an awesome person thank you for making me feel comfortable during this process of purchasing my new home. The staff are wonderful and polite ❤️. I will definitely stop in see you all, thank you for everything ❤️❤️
Mary Rutherford Avatar
Mary Rutherford
3/27/2024
Jerry and his team were top notch throughout our entire transaction. They treated us with respect, kept us "in the know," and communicated effectively. We highly recommend Metro Mortgage!
Wes Johnson Avatar
Wes Johnson
3/22/2024
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