The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's quite a lot to do when you get a mortgage. You wouldn't be here on our website if you could complete a simple loan app and get the best loan check cut the same day. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This is where the rubber meets the road and Omni Mortgage Corp. can really save you money. You will supply information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll go over this info and provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's just right for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you don't need to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! Omni Mortgage Corp. is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Omni Mortgage Corp. at 718-441-7000. We answer questions about the loan process every day.