An Overview of the Mortgage Loan Process

There's little question that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a simple application and receive an excellent loan check cut the same day. 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 mortgage loan involves four major milestones.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. 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 the process really begins and you save the most money. You will give us details on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will review this information and will provide a pre-qualification letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you've 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. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Because you will not have to worry about these details, you get to concentrate on moving, painting, carpet, and the details involved in moving into your new house.

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 all the loan details so you can focus on finding your new home.

Have questions about the loan process? Call First Community Bank of Central Al. at (334) 285-8850. It's our job to answer lending questions, so we're happy to help!

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