The Loan Process: an Overview
There's little question ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive the best loan check cut the same day. We do most of 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 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? 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 Forum Mortgage Bancorp will start saving you money. You will provide details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll go over all this info and will provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you won't need to coordinate this process, you can concentrate on the move, painting, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! Forum Mortgage Bancorp is a mortgage specialist; you're not — so we 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.