The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's a lot involved when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out 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 milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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 Omni Mortgage Corp. will begin saving you money. You will provide details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you don't have to worry about these details, you get to think about moving, painting, new carpet, and all the details of moving into your new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are moving in! Omni Mortgage Corp. is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Omni Mortgage Corp. at 718-441-7000. We answer questions about the loan process every day.