The Mortgage Process

Since 1872, The Milford Bank has been in the business of financing a big part of the American dream – a home of your own.

Residential mortgages are an important part of Milford Bank’s commitment to our shoreline community.  We are proud to be one of the largest mortgages lenders in our community and neighboring communities. 

At The Milford Bank, we offer:

            Free, fast, safe and secure prequalification

            Competitive rates and terms

            Hometown service

            No-cost rate locks

            Loan decisions made in Milford

            Fast, easy, friendly service; our mortgage professionals will handle all the details.

Our highly experienced lending professionals can help you choose the mortgage product that is right for you.  Our mortgage products range from the traditional to the more innovative:

• Fixed and adjustable rate owner occupied residential mortgages
• Land mortgages
• One-closing only residential construction loans with interest only payment during construction phases
• Mortgages for non-owner occupied residential properties
• First time homebuyer program with special pricing and discounts
• Bi-Weekly mortgages

We’d like to give you a free consultation to help you select exactly the right mortgage for your individual needs.  Our mortgage professionals will be happy to visit you at your home or office to make the application process as convenient and easy as possible.

We suggest you gather the following information and items and have them ready for your mortgage application meeting:

            Most recent pay stubs and W2s

            Full tax returns for other income (self employment, rental, interest, commission income)

            Two most recent bank and investment account statements

            Most recent 401K and/or IRA statements

            Signed purchase contract

            Social Security Number(s)

            Valid identification

            List of other debts (creditor name, balance and monthly payment)

            Copies of construction plans, estimates and contract with builder, if construction loan

After we receive the completed application package and application fee, we will then:

            Order your credit report

            Have the property appraised

            Verify employment and deposits

Upon receipt of these items, your loan will be reviewed by one of our local underwriters. As a mutual savings bank, decisions are made locally ensuring your loan receives the attention it deserves.