The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be little doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. 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 steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. 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 Omni Mortgage Corp. can really save you money. You will supply details on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review this information we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you don't have to coordinate this process, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork 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!