The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page loan app and receive 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 mortgage loan involves four major steps.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where the process really begins and Omni Mortgage Corp. can really save you money. You will provide details about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. 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.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you won't need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! 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.