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

There's no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and receive a great loan check cut the same day. But First Community Bank of Central Al. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting a loan.

Step one: Decide how much you can afford

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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan

This is where First Community Bank of Central Al. can start saving you money. You will give us information on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

After you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Because you don't need to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and all the details of moving into your new home.

You've answered some few questions, provided lots of information, applied , and before you know it, you are moving in! First Community Bank of Central Al. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call First Community Bank of Central Al. at (334) 285-8850. We answer questions about the loan process every day.

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