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

There can be little doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could fill out a one-page application and get an excellent loan check cut the same day. 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.

There are four primary 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. 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 give us details on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are looking for the best loan for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Since you will not have to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! First Community Bank of Central Al. is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?

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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