An Overview of the Loan Process
There can be little question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one 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 obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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. can start saving you money. You will provide information on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We do 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. It's our job to answer lending questions, so we're happy to help!