The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple application and receive a great loan check cut the same day. But Omni Mortgage Company, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where Omni Mortgage Company, Inc. can start saving you money. You will supply details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online 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: your loan is funded
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Because you don't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details 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.