The Mortgage Loan Process: an Overview
There's no question that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in one 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 steps.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This is where the process really begins and Forum Mortgage Bancorp can really save you money. You will supply info about your current job, 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 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! 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 are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company on your closing date. Since you will not have to worry with this coordination, you get to think about moving logistics, paint colors, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied , 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. Makes sense, doesn't it??
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.