An Overview of the Mortgage Loan Process
There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a simple loan app and get a great loan funded in one day. But Omni Mortgage Company, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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 step is where Omni Mortgage Company, Inc. can start saving you money. You will provide information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will go over this info then give you a letter of pre-qualification. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your closing date. Because you won't have to worry with this coordination, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! Omni Mortgage Company, Inc. is a mortgage specialist; you're not — so take care of the details. 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.