The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Forum Mortgage Bancorp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 give us details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your closing date. Because you will not need to worry about these details, you get to think about the move, paint colors, new carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! Forum Mortgage Bancorp is in the business of mortgage loans; you're not — so we do the work. 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.