About the Loan Process
There is no question ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a simple loan app and get the best loan funded in one day. 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 mortgage loan involves four major steps.
Step one: Decide how much you can afford
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? 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 step is where Forum Mortgage Bancorp can start to save you money. You will give us information about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed all this information we will provide 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 a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Because you don't need to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
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.