How the Loan Process Works
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple loan app and get an excellent loan check cut the same day. But Omni Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will provide details about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this information we provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are looking for the best loan program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your date of closing. Because you will not need to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Omni Mortgage Corp. is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Omni Mortgage Corp. at 7184417000. It's our job to answer lending questions, so we're happy to help!