The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you won't need to worry about these details, you get to concentrate on the move, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! Omni Mortgage Corp. is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Omni Mortgage Corp. at 718-441-7000. We answer questions about the loan process every day.