An Overview of the Mortgage Loan Process
There's a lot involved when you get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page loan application and get an excellent 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: Decide on your maximum loan amount
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: pre-qualify for your loan
This is where the rubber meets the road and Omni Mortgage Corp. can really save you money. You will give us details about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll review all this info then will give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan that's right for you.
Once you've made the offer and it's been accepted, you should apply for the loan. 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 will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Because you don't need to worry about these details, you get to concentrate on moving, painting, carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! Omni Mortgage Corp. is a mortgage specialist; 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.