The Loan Process: an Overview
There's quite a lot to do when you get a mortgage. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. We do most of 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 main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. 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 is where the process really begins and First Community Bank of Central Al. can really save you money. You will give us details on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your agent, 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, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Because you will not need to worry with this coordination, you can think about the move, paint colors, new carpet, and the fun parts of getting a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! First Community Bank of Central Al. is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
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.