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

No doubt, a lot involved when you get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and get an excellent loan funded in one day. We do 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. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 Omni Mortgage Corp. can begin to save you money. You will provide details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Since you won't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, carpet, and all the details of moving into a new house.

You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Omni Mortgage Corp. at 7184417000. We answer questions about the loan process every day.