How the Mortgage Loan Process Works

Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be visiting our website if you could complete a simple mortgage application and receive a great loan funded the same day. 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 main steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

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. 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: complete a pre-qualification

This step is where First Community Bank of Central Al. will begin to save you money. You will give us details on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We will go over this info then will give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have 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. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to designate a 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 requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Since you won't need to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the legwork 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. We answer questions about the loan process every day.

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