The Mortgage Loan Process: an Overview
There is little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive the best loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
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 you save the most money. You will provide information about your current job, 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. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we'll 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 needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your date to close. Since you don't need to coordinate this process, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Omni Mortgage Corp. at 718-441-7000. Omni Mortgage Corp. answers loan process questions every day.