How the Mortgage Loan Process Works

There's quite a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. How much of a monthly payment can you afford? 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: complete a pre-qualification

This is where the process really begins and Forum Mortgage Bancorp can really save you money. You will give us details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. We'll review this info then give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you will not have to coordinate this process, you get to think about moving, painting, carpet, and the details involved in moving into a new house.

You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We take care of all 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. Forum Mortgage Bancorp answers loan process questions every day.