How the Loan Process Works
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page loan app and receive the best loan funded 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 loan involves four major steps.
Step one: Decide how much you can afford
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 process really begins and First Community Bank of Central Al. can really save you money. You will supply info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe work with with the title company to set your date to close. Because you will not have to worry with this coordination, you get to think about moving logistics, painting, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of the legwork 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. We answer questions about the loan process every day.