The Loan Process: an Overview
There's a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 step is where Forum Mortgage Bancorp will start saving you money. You will provide details on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review this information we will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Since you don't have to worry about these details, you get to concentrate on the move, painting, new carpet, and the details involved in moving into your new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of 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. It's our job to answer lending questions, so we're happy to help!