The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in a single 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. 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 the process really begins and Riverside Funding Corp. can really save you money. You will give us details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Step three: apply for your loan
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you don't have to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! Riverside Funding Corp. is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?