The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could complete a simple loan app and receive an excellent loan funded in one 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 step is where Omni Mortgage Company, Inc. can start saving you money. You will give us information on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are finding the loan that best fits your needs.
Once you have signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted 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 find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you won't need to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details so you can spend your time 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.