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Loan Process
...convenient and safe.
| 1. | Choose Your Loan |
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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 via the on-line
pager or by calling 312-738-8500. |
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| 2. | Apply for Your Loan |
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Apply
online with Chicago Bancorp Direct™. Chicago Bancorp Direct
provides FREE prequalifications within 24 hours of your application. |
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| 3. | Same Day Response to your Loan Application |
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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. |
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| 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 |
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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. |
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| 6. | Appraisal |
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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. |
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| 7. | Title and Escrow |
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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. |
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| 8. | Final Approval |
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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. |
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| 9. | The Closing |
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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. |
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| 10. | Funding |
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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. |
Chicago Bancorp
Illinois Residential Mortgage Licensee: License #: 4543
300 N. Elizabeth Street
Chicago, IL 60607
Telephone: 312-738-8500
Fax: 312-738-6001