Forum Mortgage

read moreIf Freddie Mac owns your mortgage and you are timely with your mortgage payments but unable to refinance because you have little or no equity in the home, you may be able to refinance to a lower interest rate or more stable mortgage through the federal Home Affordable Refinance Program (HARP). This program is designed for homeowners who have not been able to refinance due to a decline in the value of their home. Visit our secure Loan Look-up tool to see if Freddie Mac owns your loan. Mortgage insurance is not required if your existing mortgage does not have mortgage insurance, regardless of whether the loan-to-value ratio (ratio of the amount being borrowed to the market value of the property) is greater than 80 percent on the new mortgage.

read moreReverse mortgages are a way for homeowners, 62 and over, to access equity they have in their homes. A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in the home. You still own your home throughout the entire term of the loan A reverse mortgage can help you access cash based on the value of your home without you having to make monthly mortgage payments and can help you better manage your financial future.

read moreA great option for first time home buyers, call us today for low rates and to answer any questions you have over the phone, 773-774-9040. The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams. During the 1940s, FHA programs helped to finance military housing and then homes for returning veterans and their families.

read moreForum Mortgage Bancorp. is seeking individuals that can demonstrate the highest level of professionalism, ethics, dedication and customer service to join our team of loan consultants, processors and support staff. Our loan officers will give you the personalized attention that you deserve to ensure that you find the right loan product for you. We go out of our way to make sure that you are have all of your questions answered and are satisfied with your loan. Maybe that's why referrals are the cornerstone of our business.

read moreBefore deciding on what terms lenders will offer you on a loan (which they base on the "risk" to them), they want to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt obligation ratio. For your willingness to pay back the loan, they consult your credit score. The most widely used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. (and they're named after their inventor!).

read moreIf you are ready to start the mortgage/loan process, please feel free to fill out an online application. We have two application options available.