The Loan Process: an Overview

	Are you looking for a mortgage? We'd be thrilled to answer your questions about our many mortgage solutions! Give us a call today at 203-730-4070. Ready to get started? Apply Now.

There can be no doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and receive a great loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a home loan involves four major milestones.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple 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 Mortgage Affiliates of America, Inc. will start saving you money. You will supply information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we have gone over all this information we will provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company on your date of closing. Since you will not have to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new house.

You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Mortgage Affiliates of America, Inc. at 203-730-4070. We answer questions about the loan process every day.