The Mortgage Loan Process: an Overview

There's quite a lot to do in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. 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 loan involves four major steps.

Step one: determine how much you can borrow

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? 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. 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 start to save you money. You will provide info on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. When we review all this information we will provide a letter of pre-qualification. Your REALTOR® should 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 your new home, we are looking for the best loan program for you.

Step three: apply for your loan

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Because you will not need to worry about these details, you get to think about moving, paint colors, new carpet, and all the details 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! First Community Bank of Central Al. is a mortgage specialist; 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. First Community Bank of Central Al. answers loan process questions every day.

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