About the Mortgage Loan Process

There's a lot to do when you get a mortgage. You wouldn't be visiting our website if you could complete a one-page mortgage application and get an excellent loan funded 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.

Getting a mortgage loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 First Community Bank of Central Al. can really save you money. You will supply information on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® will use your 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 picking out the home that's right for you, we're busy researching the loan that's just right for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Because you will not need to coordinate this process, you get to think about moving, paint colors, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, provided detailed information, applied online, and before you know it, you're moving in! First Community Bank of Central Al. is in the business of mortgage loans; you're not — so 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. It's our job to answer lending questions, so we're happy to help!

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