How the Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. We do 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: Decide on your maximum loan amount
This is a function of a couple things. 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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where First Community Bank of Central Al. can start to save you money. You will provide details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will go over all this information and give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.
Once you have made an offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you don't need to worry about these details, you get to concentrate on moving, painting, carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! First Community Bank of Central Al. is a mortgage specialist; 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. First Community Bank of Central Al. answers loan process questions every day.