An Overview of the Mortgage Loan Process

There is no doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a simple loan app and receive a great loan funded in one 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.

There are four main steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. 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. 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: complete a pre-qualification

This is where the rubber meets the road and Omni Mortgage Corp. can really save you money. You will provide information about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! 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 are looking for the loan that best fits your needs.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

The real estate agents will find a 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 will require are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your date to close. Because you won't have to worry with this coordination, you get to think about the move, painting, carpet, and the details involved in getting your new home.

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 do the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Omni Mortgage Corp. at 7184417000. We answer questions about the loan process every day.