The Mortgage Loan Process: an Overview
There is no doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive a great loan funded the same day. We do most of 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 getting a mortgage loan.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 the rubber meets the road and Omni Mortgage Company, Inc. can really save you money. You will provide details about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your date of closing. Since you don't need to worry with this coordination, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! Omni Mortgage Company, Inc. is in the business of loans; 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. It's our job to answer lending questions, so we're happy to help!