How the Loan Process Works
There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a simple mortgage application and receive a great loan funded the same day. But First Community Bank of Central Al. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This is where First Community Bank of Central Al. can begin to save you money. You will give us information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will review all this info then give you a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.
Once you have signed the 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 right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Since you will not need to worry about these details, you can think about moving logistics, paint colors, new carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're moving in! 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.