The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple loan app and get an excellent loan check cut in one day. 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.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: complete a pre-qualification
This step is where First Community Bank of Central Al. will begin saving you money. You will give us details on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your agent should use the 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 deciding on your new home, we're busy researching the loan program that's right for your unique situation.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply online right here on our site. 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 real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Since you don't need to worry with this coordination, you get to think about the move, painting, carpet, and the details involved in moving into a new home.
You've answered some few questions, given us lots of information, applied , 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. We answer questions about the loan process every day.