Loan Process

...convenient and safe.

1.
Choose Your Loan
Understand which product is right for your individual needs. Select carefully using the Chicago Bancorp Direct™ "Choose Your Loan" tool. Or consult with us directly at 312-738-8500.
2.
Apply for Your Loan
Apply online with Chicago Bancorp Direct™. Chicago Bancorp Direct provides FREE prequalifications within 24 hours of your application.
3.
Same Day Response to your Loan Application
Chicago Bancorp Direct™ responds to your application within hours of its submission. Once received, a personal mortgage banker is assigned to your loan. This is your single point of contact for the rest of the loan process.
4.
Documentation and Approval Notification
If you meet our automated underwriting profile, we'll provide you with an actual loan approval that very same day (contingent on documenting the information in your application). Your personal mortgage banker will overnight a pre approval, good faith estimate, and a list of the documents required to close your loan. Please return the application and copies of the documents as soon as possible in the return envelope that we provide in the package. At this time we also collect for the property appraisal and credit report.
5.
Rate Tracking and Locks
If you choose to float your interest rate (very common for purchase transactions), we'll keep you informed through daily e-mails of your loan's floating interest rate. As we approach 45 to 60 days of closing we may recommend locking your rate. Refinance transactions commonly close within 10 business days and so your rate is generally locked at time of application. To initiate a lock you can contact your personal mortgage banker via an email, a reply e-mail or phone call -its your choice.
6.
Appraisal
A property appraisal is required to close your home loan. Depending on your personal scenario, our automated underwriting system will require a full or a drive-by property appraisal. We'll let you know which type of appraisal is required. We will contact a home appraiser on your behalf. The property appraisal will take place within approximately five business days after it is ordered.
7.
Title and Escrow
On refinance transactions, we order the title on your behalf. As one of the largest lenders we have negotiated a lower title fee than traditional lenders or brokers could typically provide. On home purchases, the seller's or buyer's real estate agent will usually order the title and escrow services. These costs are typically shared with the seller.
8.
Final Approval
Once we receive your loan package and the property appraisal report, we'll forward your loan package to the underwriter of the loan for final approval. The final approval will occur within approximately 2 business days after our receipt of the loan package and property appraisal report.
9.
The Closing
Your personal mortgage banker consults with you to select the best date for closing. Chicago Bancorp Direct sends all loan documents to the title company or settlement agent. You need only to attend the closing at the scheduled time and place (conveniently located near your home). Review and sign the documents at the title company or settlement meeting.
10.
Funding
If you are purchasing a home, your transaction is complete. If you are refinancing a home loan, you have a 3-day right of rescission after signing your loan documents at the title company or settlement meeting.
After the third day, your funds will be transferred to the title company or settlement agent, who will disburse the funds to you approximately 1 business day later.

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