An Overview of the Loan Process

No doubt, quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in one 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.

Getting a loan involves four major steps.

Step one: Decide on your maximum loan amount

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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will give us details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home, we're busy researching the loan program that's just right for your unique situation.

Step three: apply for your loan

Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date to close. Because you will not need to coordinate this process, you can think about the move, paint colors, carpet, and the fun parts of moving into your new home.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.

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