The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a one-page loan application and get an excellent loan funded the same day. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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 rubber meets the road and you save the most money. You will provide information on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review all this info we will provide a letter of pre-qualification. Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on your date of closing. Because you don't have to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting your new house.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding the new home that's right for you.

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