The Mortgage Loan Process: an Overview

There is no doubt ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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.

There are four main steps involved in obtaining a loan.

Step one: determine how much you can borrow

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. 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 rubber meets the road and Omni Mortgage Company, Inc.
NMLS#: 1954 can really save you money. You will give us details on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. We'll review this info then will give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Since you will not need to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into a new house.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Omni Mortgage Company, Inc.
NMLS#: 1954 at 6038936616. Omni Mortgage Company, Inc.
NMLS#: 1954 answers loan process questions every day.


Omni Mortgage Company, Inc.
NMLS#: 1954

Michael Loffredo NMLS 12192

224 Main Street Suite 1A
Salem, NH 03079-3187