Buying A New Home
FNB of Central Alabama lenders have the expertise – and will take the time – to personally lead you through the home loan process.
A FNB of Central Alabama mortgage loan originator will meet with you to explain everything you can expect when refinancing or buying a home, and answer any questions you may have. To get the greatest benefit from this initial meeting, please bring the following:
Income – Your last two pay stubs and a list of all sources of monthly income
Bank Accounts – Your last two statements for checking, savings and CDs
Last Year’s Tax Return – Or last two years W2’s if self-employed; last two years federal returns if commissioned employee
FNB of Central Alabama can evaluate your financial situation and give you an estimate of what you can afford. You’ll be ready to shop for homes that are in your price range … saving you time, effort and money. Having a PRE-QUALIFICATION application lets you shop with confidence when making an offer on a new home.
During the initial meeting you’ll receive a loan application that requests additional financial, employment and personal information. The more complete you are in supplying this information, the faster we will be able to process, approve and close your loan.
Your FNB of Central Alabama loan originator will ensure you apply for the right type of loan by explaining your payment options and terms. We will also explore special loan programs such as VA and FHA, and match the right loan to your unique situation.
Once you’ve decided on the home you want, identify expenses beyond your monthly mortgage such as:
Property Taxes — For previously owned homes ask the present owners or your real estate agent for records of these expenses. For new homes you may request an estimate through your local tax assessor’s office.
Insurance — Contact your insurance agent to obtain an estimate.
Utilities — Most public utility companies will provide an expense estimate based on the size and construction of the home.
Pass this information to your mortgage loan originator/officer for review before you sign a real estate contract.
The final stage in the loan process is the Loan Closing. FNB of Central Alabama will provide you with a Closing Disclosure to ensure you fully understand your costs prior to closing. This estimate generally includes items such as the down payment, appraisal fees, prorated property taxes insurance, legal fees, lender fees and expenses. By reviewing this estimate prior to the loan closing, you can plan your expenses and avoid any last-minute surprises.
Your Closing Date is the date the title for the property passes from the seller to the buyer … and the day you take legal ownership of your new home! During closing, all details are finalized, paperwork is completed, checks are exchanged, fees are paid and you receive the deed and keys to your property.
After closing, we may assign, sell or transfer servicing of your loan to another mortgage company. This allows us to offer competitive financing options and give you the best possible rate. However, we will be available to answer any questions you may have should your loan be transferred.