About the Mortgage Loan Process
There is no question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single 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.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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: complete a pre-qualification
This is where Forum Mortgage Bancorp can begin saving you money. You will supply details about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Since you don't have to worry about these details, you can concentrate on moving logistics, painting, carpet, and all the details of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We take care of all the loan details so you can spend your time 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. Forum Mortgage Bancorp answers loan process questions every day.