OMAC’s one-stop-shop process
OMAC provides a comprehensive one-stop-shop service to get you the property you want. Here’s how we make it happen.
OMAC Mortgages & Finance Ltd is a
company.
As expert mortgage advisors we take pride in offering a single source for you to access all main lenders in Ireland, obtain Approval in Principle, put in place the protection [link to protection page], and draw down your funds.
Initial meeting
It starts with a meeting at our offices in west Dublin, online, or at or suitable place for you. We will look at your personal and financial circumstances and complete a fact find.
Based on our experience, if we believe that your mortgage application can be approved by a lender, we will invite to go further in the application process and we will provide you with our salary certificate (for your employer to complete) and document checklist including our terms of business.
We will also clearly explain our fees and any other costs that may be incurred when buying a new home.
Application process
When you have all the documents on our checklist ready, we’ll meet to review it. Once you are happy to proceed, and application fee will be payable. We’ll supply declaration forms for different lenders for you to sign.
Approval in Principle
We’ll now get to work preparing your application forms and all the documentation for lenders to assess. At this stage, if everything is in order and the lenders are satisfied with all the information provided, your application will receive Approval in Principle. Copies will be sent to you, your solicitor and OMAC. Alternatively, a lender may contact us looking for more information or decline the application. We’ll guide you along the way.
Valuation report
If your application is approved, a valuation report on the property to be purchased will be carried out and submitted to the lender to proceed to Loan Offer stage, along with any other conditions listed by the lender. The valuation fee maybe payable by you, depending on the lender’s approach.
Loan Offer
When outstanding documents, together with valuation report, are submitted to the lenders, they will issue a Loan Offer letter. Copies will be issued to you, your solicitor and OMAC. Any special conditions have to be satisfied before release of funds. At this stage, you will need to accept and satisfy all conditions including arranging mortgage protection and house insurance before proceeding to release of funds.
Release of funds
Lender will release the funds to your solicitor when all requirements are satisfied. Your solicitor will close the sale and you will receive the keys to your new property.
