An Overview of the Mortgage Loan Process
There's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. 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 loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan
This is where the process really begins and Omni Mortgage Company, Inc. can really save you money. You will give us information on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. We will review all this information then will provide a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! 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 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
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date of closing. Because you won't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied , 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 do the work. Doesn't that make sense?
Have questions about the loan process? Call Omni Mortgage Company, Inc. at 603-893-6616. We answer questions about the loan process every day.