How the Loan Process Works
There can be little doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could complete a one-page loan app and get the best loan funded 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 how much you can afford
This is a function of a couple things. 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. 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 step is where Forum Mortgage Bancorp can start saving you money. You will supply info on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy researching the loan that's just right for you.
Once you have signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date of closing. Because you don't need to worry with this coordination, you can concentrate on moving, painting, carpet, and all the details of moving into your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving 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. We answer questions about the loan process every day.