The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

Make no mistake, there's a lot involved in oder to get a mortgage. You would not be looking up loan information if it were possible to get a mortgage 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.

There are four main steps involved in getting a mortgage loan.

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 step is where First Community Bank of Central Al. can start to save you money. You will give us info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy finding the loan program that's right for your situation.

Step three: apply for your loan

Once you have made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date of closing. Because you don't have to worry with this coordination, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into a new home.

You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! First Community Bank of Central Al. is in the business of loans; you're not — so we do the work. Doesn't that sound nice?

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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