An Overview of the Mortgage Loan Process
No doubt, quite a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page application and receive the best 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.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. We'll also help you through different scenarios by asking a few simple questions. 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 Omni Mortgage Corp. can really save you money. You will provide details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date of closing. Since you don't need to coordinate this process, you get to think about moving, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! Omni Mortgage Corp. is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Omni Mortgage Corp. at 7184417000. We answer questions about the loan process every day.