How the Loan Process Works
There is little question ; getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page application and receive the best loan funded the same day. 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 main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 is where Riverside Funding Corp. will begin saving you money. You will provide info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. When we review this info we give you a letter of pre-qualification. Your agent will likely use the 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 deciding on your new home, we are researching the best loan for you.
Step three: apply for your loan
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you won't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! Riverside Funding Corp. is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?