Mortgage questions

Questions to Ask When Choosing a Loan

What are the different types of mortgages available?
There are many different types of mortgages, each designed to meet a specific need of the borrower.  See our types of mortgages page for more information on each type of mortgage.

When can I lock a rate?
You will be invited to lock a rate once your application information has been reviewed. In some cases, your application will provide all the information needed and you will have the option to lock at the time you apply. Otherwise you will be invited to lock after you have returned your package and we have reviewed your documentation and credit information. We will notify you via email or phone when you are able to request the lock. 

When will I have to pay for something?
There are no up-front fees for applying with Metropolitan Financial Mortgage Company. Your appraisal fee will be the first thing you will be required to pay. A loan consultant will contact you after you apply to arrange for payment.

Can I change the loan amount or program after I've applied for a loan?
Of course. One of the advantages of working with Metropolitan Financial Mortgage Company is that we process your loan from beginning to end. We understand that you may want to make changes throughout the loan process. Please remember that any changes that you make may extend the time that it takes to close your loan, or may increase the cost of closing.

After I apply, what can I expect?
Within 2 business days you will receive a package from Metropolitan Financial Mortgage Company. The package will include a copy of your mortgage disclosures, including a Good Faith Estimate of closing costs and a Federal Truth-In-Lending, as well as a list of documents that we need to close your loan. If you do not receive your package within two days, please don't apply online again. Call us, and we'll try to help you.

Who do I call if I have specific questions?
Once your application is received you will be assigned a loan processor. They will be your point of contact if you have any questions or want to make changes throughout the loan process.

After I send my paperwork back, what happens?
Your loan will be reviewed or pre-underwritten. We'll review your credit and let you know what we need to close your loan. Remember, we are brokering your loan, so once it's submitted to the final lender, there may be additional needs. We will, of course, try to anticipate those and make the process easy for you.

When should I lock my rate?
We recommend watching the market and then locking in. Please note that a lock can't be changed once you select your product, so we ask that you be certain of your request. See also Minnesota mortgage rates

What about the appraisal?
We'll arrange for an appraisal of your property and will use your estimated value as a guideline. Your loan consultant will contact you to arrange for payment of your appraisal via credit card, check, or have you pay at the door if you prefer. If your appraised value is lower than your estimated value, we will contact you immediately and go over your options..

Who handles my closing and where do I sign?
If you're buying a home, your closing agent will be selected by your Realtor or you can pick one yourself. 

If you're refinancing a property, we can select a closing agent for you.
Either way, we'll make arrangements for the loan documents to be delivered to your closing agent and will notify you when they're ready for signing.

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Your Satisfaction
The online mortgage experience can save you time and money, and should be both convenient and pleasant. Our goal at Metropolitan Financial Mortgage Company is to provide you with the highest levels of service and to tailor our future services to your feedback. We hope to learn from you, our client, throughout the process and ask that you share your experiences with us so that we can build for you.

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