Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

As a Milford CT real estate professional I have local mortgage contacts to help you secure the best possible rate for your home purchase. 

Steps to expect in a mortgage process usually stay within the guidelines below but because every situation is different it is possible they may vary:

  • Pre-Approval - It is an intelligent decision to become pre-approved before you look for a property in the Milford CT real estate market, not only to have a better idea of the price you can afford, it is also to your advantage when presenting an offer to a seller and even more so in a multiple offer scenario.

  • Application - Be prepared to provide certain documentation about your income , current debts, and the purchase contract for the home you want to buy. Once documentation is received from the borrower a credit report and appraisal of the property is ordered. Good Faith Estimate of closing cost should be received from lender which you must sign before the loan package is sent for approval.Should any obstacles develop, more information may be needed.

  • Loan Approval - You will receive a Clear to Close which simply means the loan has been approved and lets the attorneys and real estate agents know it is ok to proceed.

  • Closing Day - Once this stage is achieved and all documents are signed by all parties the loan will be funded and closed.

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.