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

There's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. We do most of 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 primary steps involved in getting a mortgage loan.

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. 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: 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 give us info about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! 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 finding the loan program that's just right for you.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply online 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 an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date to close. Because you will not need to coordinate this process, you can think about moving logistics, paint colors, carpet, and the details involved in moving into your new house.

You've answered some few questions, given us detailed information, applied online, and before you know it, you are moving in! First Community Bank of Central Al. is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

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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