How the Loan Process Works

There's little question that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. 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.

Getting a loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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? 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: 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 residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent should 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 a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. 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 agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Because you will not have to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into your new home.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Omni Mortgage Corp. is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?

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

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419