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This page explains what is expected of our
borrowers and what you can expect from Omega Lending as we
underwrite your file. Here are the steps a borrower needs to take to
own a home: | |
| 1. | Apply Online.You will immediately receive a confirmation email
confirming that your application has been received and requesting that you call
us to schedule an appointment to finalize your approval. This call and meeting
are vital, we can not approve you without them. There is no application fee and
no money whatsoever is paid until you submit an actual purchase agreement for
the home you ultimately choose. And, that won't occur until after you are
approved. Approval usually occurs within 24 hours from your appointment with us and at that time you will know that exact approval amount of the home you are able to purchase. And, as a pre-approved buyer you will get advanced information on our newly acquired properties long before they are advertised on our website or in the newspaper. |
| 2. | Drive by the new homes we offer. We can answer questions and you can learn about the homes, neighborhoods and prices. At any given time we have many great homes to choose from throughout the St. Louis area and add more all the time. Our website constantly changed with the list of available homes as they sell and new ones become available. It is not uncommon for a home to sell within 24 hours of listing them on the site. You will need to have your pre-approval ready to view homes. We require you to have all decision makers with you at the time of showing. Due to how fast our homes sell, we are unable to show available homes to those not ready to make a decision. Please keep in mind that due to the speed of how fast our homes sell it is likely that a home that you saw yesterday is no longer available. |
| 3. | After you are approved no money is due until you submit an actual purchase
agreement for the home you choose. Upon submission of the purchase agreement
$1250 is paid and credited towards your down payment. This first deposit is to
lock the home for you so that no other individuals that may have been interested
can put a contract on it. We will schedule a closing date to be held at the
attorney's office or our servicing agent's office. Your remaining down payment
is due at closing in the form of certified funds, wire transfer, cashier's
check, etc. No personal checks are allowed at closing. As soon as closing is
complete you are given the keys to your new home. We are able to extend, based on your credit and situation, an interest rate of between 7.9% and 10.9% and although this is lower than the interest rate offered to individuals with credit challenges by some banks and mortgage companies, we still encourage you to refinance as soon as you can to achieve an even lower monthly payment. Many of our borrowers are able to complete this process within 24 months. Whether it is next year or five years from now, we will assist by reporting your on-time payment history when you apply for the new loan. |
| 4. | Monthly payments are required to be automatically deducted from your bank account. This will occur on the same day every month and you must have sufficient available funds in your account to cover your payment each and every month. We are very strict about timely payment and make no exceptions to our enforcement of these. We charge late fees and bank charges if the bank draft doesn't clear and require the payment including the late fees to be made with a cashier's check immediately. |
| 5. | Your monthly payment will include both the principal and interest on a 30-year amortized and fixed rate loan. In addition, you will pay the estimated amount for taxes, servicing agent fees and insurance as part of your monthy payment. The servicing agent will escrow these amounts and disburse directly to the county tax collector and insurance company. |
| 6. | This house is yours. It has been sold in as-is condition. You are not renting or leasing. We will not pay any bills or reimburse you for repairs, maintenance or expenses. You can improve it, paint it, change the wallpaper, etc. Bottom line-It's yours. |
