How the Mortgage Loan Process Works

There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a simple loan app 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will supply information about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. At the end of this step, we will order the appraisal of your new home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your closing date. Because you will not have to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.

You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! First Community Bank of Central Al. is a mortgage specialist; 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. We answer questions about the loan process every day.

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