The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if you could complete a one-page loan app and receive a great loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where Omni Mortgage Corp. can begin saving you money. You will give us info about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Because you don't have to worry about these details, you get to concentrate on the move, painting, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! Omni Mortgage Corp. is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Omni Mortgage Corp. at 718-441-7000. It's our job to answer lending questions, so we're happy to help!