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

No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could fill out a simple loan app and get the best loan check cut in one day. But First Community Bank of Central Al. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 the process really begins and First Community Bank of Central Al. can really save you money. You will give us details on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We'll review this info then will provide a letter of pre-qualification. 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 researching the loan that's just right for your unique situation.

Step three: apply for your loan

Once you have made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Since you don't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call First Community Bank of Central Al. at (334) 285-8850. First Community Bank of Central Al. answers loan process questions every day.

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