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

There is no doubt that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. 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.

There are four important steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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 First Community Bank of Central Al. can start to save you money. You will provide details about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll review all this info then will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are researching the best loan for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Since you will not have to worry with this coordination, you get to think about the move, painting, carpet, and the details involved in moving into your new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are moving in! First Community Bank of Central Al. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

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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