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

There can be little doubt that getting a mortgage 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 the best 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 primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

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? 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. 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 is where First Community Bank of Central Al. can start saving you money. You will supply info about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We'll go over all this info and will provide a pre-qualification letter. Your agent will likely 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're busy finding the loan program that's right for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your date of closing. Since you don't have to worry with this coordination, you get to concentrate on the move, painting, carpet, and all the details of moving into a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time 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. It's our job to answer lending questions, so we're happy to help!

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