The Mortgage Loan Process: an Overview
There can be little doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. But Omni Mortgage Company, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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 quewstions. 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 Omni Mortgage Company, Inc. will begin to save you money. You will supply info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! 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 house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your closing date. Because you will not need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Omni Mortgage Company, Inc. at 603-893-6616. Omni Mortgage Company, Inc. answers loan process questions every day.