How the Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out 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.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will 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 decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Since you don't have to worry with this coordination, you can concentrate on the move, painting, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We do the mortgage legwork so you can focus on finding the new home that's right for you.
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.