About the Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. 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 home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 Forum Mortgage Bancorp will start to save you money. You will provide details about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided 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 shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Since you won't need to coordinate this process, you get to concentrate on the move, 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! Forum Mortgage Bancorp is in the business of loans; you're not — so 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. It's our job to answer lending questions, so we're happy to help!