The Loan Process: an Overview
There's no doubt that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a simple loan app and get an excellent loan funded in one day. 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 mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 supply info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We will go over this information then will provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we're busy finding the loan that's just right for your situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Since you don't need to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and all the details of getting your new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! Forum Mortgage Bancorp is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
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.