An overview of the loan process - Optimum Equity Mortgage Solutions

An overview of the loan process

You probably know there's a lot involved in getting a mortgage loan. You wouldn't be researching on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money if refinancing, or making plans for your home equity check.

Once we have your application, we at Optimum Equity Mortgage Solutions will consult with you, digging deep to determine current and future needs, and produce our recommendations on an easy-to-understand spreadsheet. By educating you as to the pros and cons of your best options and how each dovetails with your overall financial plans, we ensure your confidence with your choice. This care and concern for our clients is what differentiates us from a typical loan officer interested only in closing a loan, collecting a commission and going on to the next one.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

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 rough idea of by using the calculators on our website. Based on standard lender guidelines, you will get a good idea of what kind of terms and loan programs you can expect to benefit from most.

Step two: get Pre-Approved for your loan

This is where the rubber meets the road and you save the most money. Apply online -- it's easy; then supply us with specific information about your employment, assets, your residence history, and so on. With your permission we will run your credit report. When we review all this information and have discussed your options we give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your Realtor will use your Pre-Approval to make the best offer on the home you choose, and the seller will know you're Pre-Approved. It gives you buying clout!

Step three: fax us the fully-exeuted contract

Once you're offer has been accepted, fax the contract to us and we will order the appraisal. Notify your homeowner's insurance agent of the property address so that he may provide you and us with a quote. When everything is recieived, your file will be submitted to underwriting for final approval.

Step four: your loan is funded

Your Realtor(s) will have designated a title company to handle the closing of your loan. We'll coordinate with the closer to make sure all the papers your lender will need are in order, and you'll sign everything at the title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?