An Overview of the Loan Process
There's little question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage 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 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. 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: complete a pre-qualification
This is where the rubber meets the road and Forum Mortgage Bancorp can really save you money. You will provide info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have reviewed this info we give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date of closing. Because you won't need to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the fun parts of getting your new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of the loan details so you can focus on finding your new home.
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!