The Mortgage Loan Process: an Overview
There's no question that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a simple loan app and receive a great loan check cut in one day. 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.
Getting a home 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? 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. 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: complete a pre-qualification
This step is where Riverside Funding Corp. can begin saving you money. You will provide info on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! 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
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Since you will not have to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Riverside Funding Corp. is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?