An Overview of the Loan Process

No doubt, a lot to do when you get a mortgage. You wouldn't be visiting our website if you could complete a simple application and get 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 main steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 the rubber meets the road and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure 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 this company on your date of closing. Since you will not need to coordinate this process, you can concentrate on the move, paint colors, carpet, and all the details of moving into your new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.

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

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