Frequently Asked Questions

A mortgage company compares loan programs from multiple lenders on your behalf, helps you choose the option that fits your goals, and manages your application from the first conversation to closing. You get more choices than a single bank can offer, with one local point of contact.

A bank lends its own money and offers only its own loan programs. A mortgage company like Metro Mortgage works with a wide network of lenders and investors, compares their programs for you, and coordinates the loan with the lender you choose.

Lenders look at your debt-to-income ratio: your monthly debts, including the new house payment, compared with your gross monthly income. Your down payment, credit and the interest rate matter too. Our affordability calculator gives you an estimate, and we can give you a precise answer during pre-qualification.

Pre-qualification is an early review of your income, assets, debts and credit that estimates how much you may be able to borrow. It helps you shop with confidence, but it is not a loan approval. Final approval comes after underwriting reviews your documents and the property.

No. Discussing your options doesn't involve a credit check. When you're ready to pre-qualify, we'll ask for your permission before reviewing your credit.

It varies. A purchase loan usually takes several weeks from application to closing, depending on the appraisal, title work and how quickly documents come in. We'll give you a timeline at the start and keep you updated.

We help with home purchases, refinances and cash-out refinances using conventional loans (fixed and adjustable rates), FHA loans including FHA Streamline refinances, VA loans and jumbo loans.

Not always. VA loans offer options with no down payment for eligible borrowers, and FHA and some conventional programs allow a small down payment. Down payment assistance programs may also help.

A fixed rate stays the same for the life of the loan, so your principal-and-interest payment never changes. An adjustable rate (ARM) is fixed for an initial period, then adjusts periodically based on a market index, within limits set in your loan documents.

When the benefit outweighs the cost: a lower rate, a different term, switching from an adjustable to a fixed rate, removing mortgage insurance or taking cash out. Compare your monthly savings with your closing costs to find your break-even point. Refinancing may lower your monthly payment, but total finance charges may be higher over the life of the loan.

Often, yes. Some programs, such as FHA loans, have more flexible credit guidelines. We look at your whole picture, including income, assets and debts, and explain the options that fit.

Usually your most recent pay stubs, W-2s or tax returns for the past two years, your last two months of bank statements, and a photo ID. If you're buying, we'll also need the sales contract.

Private mortgage insurance (PMI) protects the lender on conventional loans with a smaller down payment. You can ask to cancel it once your balance reaches 80% of your home's original value, and it ends automatically at 78% if you're current on your payments. FHA loans use a different type of mortgage insurance.

We're based in Springfield, Virginia, and help borrowers throughout Virginia, Maryland and Washington, DC.

Yes. We explain each step, help you set a realistic budget, and review low down payment options and assistance programs you may qualify for.

Start your application through our secure online portal, or call us and a loan officer will walk you through it. We never ask for your Social Security number by email.