How the Mortgage Loan Process Works

There's no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in one day with 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.

Getting a home loan involves four major steps.

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. 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 First Community Bank of Central Al. will begin saving you money. You will give us info on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan program that's just right for you.

Step three: apply for your loan

After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you won't need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into a new house.

You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! We take care of all the loan details so you can spend your time 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. We answer questions about the loan process every day.

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