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

There's little doubt ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out 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

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification

This step is where First Community Bank of Central Al. will start to save you money. You will provide information about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. 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 looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. 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 their officeWe do all the work to work with with this company on your date to close. Since you don't have to worry about these details, you can think about moving, paint colors, carpet, and the details involved in getting your new house.

You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call First Community Bank of Central Al. at (334) 285-8850. First Community Bank of Central Al. answers loan process questions every day.

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