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 loan. You wouldn't be visiting our website if it were possible to fill out a one-page mortgage application and receive 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 loan involves four major steps.
Step one: Decide on your maximum loan amount
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 process really begins and you save the most money. You will give us details on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! 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 home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Since you will not have to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! 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. Omni Mortgage Corp. answers loan process questions every day.