The Mortgage Loan Process: an Overview

	In the market for a new mortgage? We can help! Give us a call at (860) 388-9814. Want to get started? Apply Now.

Make no mistake, there's quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But New England Alliance Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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 abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: pre-qualify for your loan

This is where New England Alliance Mortgage can begin saving you money. You will supply info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! 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 for your loan

Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Because you won't have to worry about these details, you get to think about moving logistics, paint colors, carpet, and the fun parts of moving into a new home.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are moving in! New England Alliance Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

Have questions about the loan process? Call New England Alliance Mortgage at (860) 388-9814. We answer questions about the loan process every day.