About the Loan Process
There's no doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive an excellent loan check cut the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where Omni Mortgage Corp. can start saving you money. You will give us info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, you should complete the loan application. 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 offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you don't have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can focus on 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.