Frequently Asked Questions
At OnPoint Financial, we know that even thinking about your mortgage can be a frustrating and confusing time, due to the fact that there are hundreds of programs available for homeowners. Let the experts at OnPoint Financial take that frustration off your mind today!
Q. What is the difference between OnPoint Financial and a bank like Wells Fargo?
One difference between a bank like Wells Fargo and us is you will not be treated like a number. We want to fit you with the financing that will best work for you and your family’s needs, not the loan that will make us the most money. We will custom tailor your loan to fit with your goals, and be there to help with any financing you will need down the road.
We want to have you as a customer for life. We also believe in being upfront with our clients and basing our service on a single important principle – “put yourself in the client’s shoes.” If this is not the best time for you to refinance or purchase a new home, we will tell you upfront. We know that it is YOU, the client, that keeps us in business and it is you we aim to satisfy.
Q. How does the loan process work?
Ideally, it is a smooth process and many borrowers do not understand the qualification process. Because there are so many different circumstances and each loan gets its own special attention, it is almost impossible to give the homeowner specific details. But the general process is as follows:
- A qualified loan expert takes a loan application from the homeowner. In addition, the loan expert collects the needed documentation; usually pay stubs, W2’s, bank statements, and insurance information. They will prepare the loan application and submit it to the lender for approval.
- Once we have received the approval we order the appraisal, and if there is any other
documentation required we contact the borrower.
- After we have the appraisal and the additional documentation required we resubmit for the final approval.
- The lender signs off on the loan and they draw the loan documents.
- The borrower signs the final documents with a qualified title agent who goes over the loan’s specifics one more time. With purchases the loan should fund the next day, with a refinance you have a 3 day right of recision period. This gives you time to look at all the documents and have any questions answered or any thing changed that was not right.
This is the basic process and it normally takes about 3 weeks for the loan to be finished. We are committed to closing your loan as fast as humanly possible, and pride our selves on the service you receive from the first contact to the final close.
Q. How long does it take to get pre-qualified and how can I do so?
It will take 24 hours at the most to get you pre-qualified either for a new home purchase or a refinance. Contact us today to get pre-qualified and we’ll reply within 24 hours.