The Loan Process: an Overview

No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get an excellent loan check cut in one day. 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 home loan involves four major milestones.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us details about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it 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

Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Because you will not need to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into your new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of all 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 7184417000. We answer questions about the loan process every day.

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419