An Overview of the Mortgage Loan Process

There can be little question ; getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. 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.

Getting a home loan involves four major steps.

Step one: Decide how much you can afford

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 is where First Community Bank of Central Al. can start saving you money. You will provide information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We'll review this info and give you a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are researching the best loan for you.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply from the comfort of your home 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 find a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Because you don't have to coordinate this process, you can concentrate on the move, painting, new carpet, and the fun parts of getting a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! First Community Bank of Central Al. is a mortgage specialist; you're not — so we 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.

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