Consider MetLife Home Loans when checking out mortgage lenders for your home purchase loan. The firm, a division of MetLife Bank, ranked second in the 2010 Mortgage Origination Customer Satisfaction Survey. It got a score of 808, higher by 74 index points than industry average.
You can also expect a high level of customer assistance from MetLife as it scored the highest in the loan-officer and mortgage-broker factors. The lender also got the maximum score of 5 in closing and in most recent contact.
For prospective home buyers, MetLife offers the following home purchase loans:
Conforming Home Loan backed by Fannie Mae and Freddie Mac.
Jumbo Loan Backed by Fannie and Freddie
Interest-Only Home Loan. This loan allows lower monthly payments in the first years, so this fits borrowers who are still starting in their careers but who have strong prospects of income growth.
FHA Loan. The most commonly known feature of this loan is its lower down payment requirement, which is 3.5 percent. However, the FHA has made changes in its rules to prevent loan defaults, and these include raising its credit score requirements.
You need to have a credit score of at least 500 to get FHA loan approval and you need at least 580 to qualify for the 3.5-percent down payment feature.
VA Loan. This loan is offered only to active military personnel, veterans and surviving spouses.
Most of these home loans are available as fixed-rate or adjustable-rate loans. Both types have pros and cons, with advantages and disadvantages varying depending on your financial situation.
To help you decide on which home loan is the best for your financial situation, there are MetLife mortgage consultants trained to help you. You can maximize your meeting with the consultant if you determine the following in advance of a consultation meeting:
- The number of years and months you plan to stay in the home you’re going to buy
- The amount of down payment you can afford
- The maximum monthly payment you can make month after month
- Source of money to pay for the closing costs
Consider also the Private Mortgage Insurance (PMI) factor. MetLife and most other mortgage lenders require you to purchase PMI if your down payment is less than 20 percent of the home purchase price. You purchase PMI from a company that would cover your mortgage lender’s losses in case you’re not able to sustain your monthly mortgage payments.
MetLife offers home loans for home purchases in Tampa through its offices in the city. Contact Tampa4U.com for the best affordable Tampa homes for sale.