How the Mortgage Loan Process Works
No doubt, quite a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page loan application and receive the best loan check cut the same day. But Forum Mortgage Bancorp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
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. 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: complete a pre-qualification
This is where the process really begins and Forum Mortgage Bancorp can really save you money. You will give us details on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will review all this info then provide a pre-qualification letter. 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 shopping for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, 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 seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your date to close. Since you won't need to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and all the details of getting a new house.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Forum Mortgage Bancorp at (773) 774-9040 Ext 121. We answer questions about the loan process every day.