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

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There can be no doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information 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.

There are four primary steps involved in obtaining 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? 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: pre-qualify for your loan

This is where Omni Mortgage Corp. will start saving you money. You will supply details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get 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'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find a 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 will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your date to close. Since you won't have to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into your new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be 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 718-441-7000. Omni Mortgage Corp. answers loan process questions every day.