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Home > Financial Services > Mortgage Brokers > Banc Group Mortgage Co.
Banc Group Mortgage Co.
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.
Bancgroup Mortgage Company is one of the nation's leading retail mortgage originators. They are dedicated solely to the origination of mortgages. They are not just a division of a large corporation; therefore they are able to be very flexible in working with your unique needs. With several offices throughout Illinois, Bancgroup Mortgage Company provides mortgage financing both for all kinds of homebuyers. Bancgroup turned over $1 billion in fiscal year 2003, placing Bancgroup in the top 2 retail originators in Illinois.
Their continued commitment is to achieve your recommendation without reservation through excellent customer service and feedback. In pursuit of this goal, they are currently implementing a state-of-the art loan origination system on laptop computers, which will enable their loan officers to take an entire loan at your convenience.
Loan process in Prequalification occurs before the loan process actually begins, and is usually the first step after initial contact is made. In a prequalification, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much the borrower may be able to afford. The buyer, now referred to as a borrower, completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Good Faith Estimate and a Truth-In-Lending statement within three days which itemizes the rates and associated costs for obtaining the loan. Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office while others use a title or escrow company.
The Company is committed to providing the best service to clients seeking it from this industry as also to the pursuit of excellence, integrity being the forefront of their list of objectives. The Company has gained a fair deal of faith from their customers and continues to serve the community with a level of quality few in the industry can match.
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