We want to earn the right to be your mortgage company for life. Obtaining a mortgage is rarely easy, especially in today’s environment. In this video, we will simplify the understanding of the mortgage process and help you learn what to expect. Now let’s walk through the process together.
First, YOU start the mortgage process by calling Open Mortgage or submitting an online request on our website. We then introduce you to your personal loan originator, who will guide through the process. Your personal loan originator will speak to you in order to present options to achieve your goals. Whether you are buying a home, re-financing, or possibly cashing in on the equity of your home, your personal loan originator will assist you.
Then it’s time to start the credit approval process by obtaining your credit report. [A common misconception is that several mortgage credit pulls lower your credit score. Did you know that multiple credit pulls within a 14 day period will not impact your credit score?]
Once we have completed the credit approval process, we will explain your options of loan products available, allowing us to find the best loan product that achieves your goal.
Are you looking for a loan with a smaller down payment?…then a FHA might work for you. Or if you are a veteran or a surviving spouse of a vet?…then a VA loan may be an option. If rural living is more your speed…then a USDA loan may be what you need. Is the 30 year-fixed best for you or will you be moving in a few years?…then perhaps an Adjusted Rate Mortgage (ARM) might be there right product. The point here is that your personal loan originator will be your guide helping you chose the best loan product to achieve your goals.
During the loan process, we will need to collect some personal information, like paystubs, bank statements, tax returns, and other documents that may be required. Your personal loan originator will be there holding your hand every step of the way.
Our lending team comprised of knowledgeable processors and underwriters are highly efficient in processing and underwriting your loan using state-of-the-art technology.
We may be required to order an appraisal. All mortgage companies use outside, independent, third party, certified appraisers by which the home’s value is determined.
Upon loan approval, your personal loan originator or processor will schedule your closing, taking care of last minute details making it as convenient as possible to accommodate your busy schedule.
So let’s recap the mortgage process…YOU apply for your loan, we review your credit history, recommend the right loan product, process your application, order your appraisal, and if all requirements are met, we underwrite and approve your loan, schedule your closing, and achieve your goal of home ownership!
For more information, call us at 888-602-6626 or visit us at www.openmortgage.com.