The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. 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 is where the rubber meets the road and you save the most money. You will provide info about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). When we review this information we will provide a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the best loan program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Because you won't have to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and all the details of getting your new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are moving in! First Community Bank of Central Al. is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

Have questions about the loan process? Call First Community Bank of Central Al. at (334) 285-8850. It's our job to answer lending questions, so we're happy to help!

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