The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in a single day with 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.
Getting a mortgage loan involves four major steps.
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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This is where the rubber meets the road and Riverside Funding Corp. can really save you money. You will give us details about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® should 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 picking out the home that's right for you, we're busy finding the loan that's right for your situation.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Because you don't have to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving! We take care of the mortgage legwork so you can spend your time finding your new home.