An Overview of the Mortgage Loan Process

There can be no doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. But First Community Bank of Central Al. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major milestones.

Step one: Decide how much you can afford

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. We'll also help you through different scenarios by asking a few simple questions. 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 rubber meets the road and First Community Bank of Central Al. can really save you money. You will supply info about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are researching the best loan for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you won't need to worry with this coordination, you can think about moving, painting, new carpet, and the details involved in moving into your new home.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.

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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