How the Loan Process Works
There can be little doubt that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 step is where Omni Mortgage Corp. can begin saving you money. You will supply information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will review all this info then will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely 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 agent, we find the best program for you.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you will not need to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Omni Mortgage Corp. at 7184417000. Omni Mortgage Corp. answers loan process questions every day.