How the Loan Process Works

There is no doubt that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a 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 milestones.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. 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 process really begins and Omni Mortgage Corp. can really save you money. You will give us information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will go over this information then give you a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Since you won't have to coordinate this process, you get to concentrate on moving logistics, painting, carpet, and all the details of getting your new house.

You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! Omni Mortgage Corp. is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?

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