The Home Loan Process
Demystifying Home Loans
If you haven’t experienced it before, the home loan process can feel overwhelming, but our team will help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, we partner with some of the best lenders in the industry, and we’d be happy to introduce you, so you’ll be taken care of.
Get Pre-Approval
Before you start looking for a home to buy, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements. There are a variety of different loan programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
finance with
OVM Financial
About OMV Financial
From our visionary opening in 2001, OVM Financial has taken what the mortgage industry has typically done and flipped it upside down – offering our customers, employees, and partners an experience like none other. Our core values of honesty, accountability, and integrity define who we are.
Our success is not solely determined by profit and loss, but rather by the friends and families that benefit from our hard work. We understand that there is no larger financial decision made in a person’s life than that of homeownership, and we exist to ensure that the outcome of each transaction is smooth, informative, on-time, and life-changing. It is our goal to become our client’s mortgage provider for life, by treating the entire process with the respect and care it deserves.
OVM Financial is an independently owned and operated retail mortgage lender serving CO, CT, DC, FL, GA, IL, IN, MD, NC, PA, SC, TN, TX, and VA with plans for continued expansion in new markets. We have several branches and satellite office locations with the bulk of our operations team located at our corporate headquarters in Virginia Beach, VA. We have been recognized six times by Inc. 5000 as one of America’s fastest-growing private companies.
A proud graduate of Virginia Wesleyan University, Ben has been in the mortgage industry for nearly ten years. Whether helping first-time homebuyers realize their dream, or assisting seasoned homeowners downsize to pursue the pleasure of their retirement years, Ben enjoys working with his clients! Living in the Tidewater area his whole life, he has the knowledge and experience to assist homebuyers to finance their dreams in Virginia.
About Ben Temple
While spending time with his daughters, Maggie and Jane, and his dog, Olive, Ben is constantly reminded of the importance of honesty and integrity in all that you pursue in life. He looks forward to maintaining these characteristics throughout the home financing process.
Accomplishments:
2011 Hampton Roads Magazine Five Star Winner
Nearly 10 years of Mortgage Banking experience
Top 3 producer at OVM Financial, Inc. 2005-present
Licensed Loan Originator by the Nationwide Mortgage Licensing System
First Time Homebuyer Specialist
Graduate 2002 Virginia Wesleyan College
Dale Carnegie Training Graduate, 2003
Affiliations:
Norfolk Redevelopment Housing Association
Mortgage Bankers Association
Tidewater Builders Association
Hampton Roads Realtors Association
Virginia Realtors Association
Application & Processing
What happens when a loan goes "live"
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Closing
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!
