How the Mortgage Loan Process Works
Shopping for a mortgage? We'd be thrilled to answer your questions about your mortgage needs! Call us at 203-730-4070. Ready to begin? Apply Online Now
There's a lot to do in order to get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But Mortgage Affiliates of America, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are available, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Because you won't have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Mortgage Affiliates of America, Inc. at 203-730-4070. Mortgage Affiliates of America, Inc. answers loan process questions every day.