About the Loan Process
There is little question that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. But Forum Mortgage Bancorp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 process really begins and Forum Mortgage Bancorp can really save you money. You will provide details about your current job, 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 this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, you should 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 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 work together to find an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Because you will not need to worry about these details, you get to think about moving, paint colors, carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! Forum Mortgage Bancorp is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Forum Mortgage Bancorp at (773) 774-9040 Ext 121. Forum Mortgage Bancorp answers loan process questions every day.