An Overview of the Loan Process

There's little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. 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 loan involves four major steps.

Step one: determine how much you can borrow

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. 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 Omni Mortgage Company, Inc. can begin saving you money. You will provide info on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! 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 looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Because you don't need to worry about these details, you can think about moving, paint colors, new carpet, and the fun parts of getting a new home.

You've answered a few questions, provided detailed information, applied online, 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. Makes sense, doesn't it??

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.




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