805-477-1150 marilyn@omsrates.com

Loan Process

The OMS Loan Approval and Loan Funding Process

Wholesale = Saves You Money!!!

After you apply online or via fax, our mortgage experts will analyze your situation and call or email you with mortgage program options and rates. We are a wholesale mortgage brokerage.

Apply

The Actual Loan Process below may vary slightly depending on whether you are documenting or stating your income and assets.

  • Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
    • Credit history
    • Employment history
    • Assets including your bank accounts, stocks, mutual fund and retirement accounts
    • Property value
    • Based on your specific situation, additional documents or verifications may be required.
  • To improve your chances of getting a loan approval:
    • Fill out the loan application completely.
    • Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
    • Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.  Call and we can explain why in more detail.
    • Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us first.
    • Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.  Even though we give you a projected close date, there are sometimes circumstances beyond everyone’s control that can change that date.

Close the Loan

  • After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public at your home or at a local title company
  • Be prepared to wire funds or have a cashier’s check for your down payment and/or costs – if required. Personal checks are not accepted, please do not bring cash.
    • Review the final loan documents. Make sure that the interest rate and loan terms are correct. Also, verify that the name and address on the loan documents are accurate.
  • Once the documents are signed, escrow will send them to the lender for review. Once the review process is completed by the lender, loan funds will be released to the escrow and title company. Refinance transactions require a three day right of rescission. The transaction will then be recorded with the County.
  • The transaction is officially closed.

This may sound a little complicated if you’ve never done this before… or maybe you had a horrible experience with another lender, but rest assured, we will do everything on our end to make the process enjoyable — okay, maybe not enjoyable, but at least smooth and efficient.

We truly value our customers, and it is our commitment to give exceptional service, along with rates and low to no loan fees.

  • Getting qualified before you apply for a loan can help you understand how much you can borrow.
  • When buying a house, you may get pre-qualified or pre-approved.
  • You can typically get pre-qualified over the phone or on the Internet in a few minutes.
  • A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities.
  • It is highly recommended that you get pre-approved before you start looking for a house. This will help you:
    • Find out the maximum house you can buy, so you don’t waste time looking for properties you can not afford.
    • Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
    • Helps you close quickly, since your loan is already approved.
    • Shop loan programs and rates