The Loan Process: an Overview
There's little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get an excellent loan funded in one day. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your 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 looking for your new house with your agent, we find the best program for you.
Once you've 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 website. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date to close. Because you don't have to worry about these details, you can think about moving, painting, carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! 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. It's our job to answer lending questions, so we're happy to help!