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

There's quite a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could complete a simple application and get a great loan check cut 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.

Getting a 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will supply info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made the 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 site. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you won't need to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting your new house.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! Omni Mortgage Corp. is in the business of mortgage loans; you're not — so we do the work. 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