An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page mortgage application and get an excellent loan check cut the same 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 steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: complete a pre-qualification
This is where Omni Mortgage Company, Inc. will begin to save you money. You will supply info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. 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 picking out the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your date to close. Because you will not have to worry with this coordination, you can think about the move, painting, carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! Omni Mortgage Company, Inc. is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Omni Mortgage Company, Inc. at 603-893-6616. It's our job to answer lending questions, so we're happy to help!