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

There is little question that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get an excellent loan funded in one day. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a loan.

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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification

This is where the process really begins and Omni Mortgage Corp. can really save you money. You will provide details about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. 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. Be careful with this letter — it is a useful tool for buying your new home! Your agent will likely use the 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 your new home with your 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, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you don't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and all the details of moving into your new home.

You've answered some few questions, given us detailed information, applied , and before you know it, you are moving 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. Omni Mortgage Corp. answers loan process questions every day.