The Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with 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 getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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 to save you money. You will give us details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review all this information we will provide a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® 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 are looking for the best loan program for you.
Step three: apply for your loan
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you will not have to worry about these details, you can think about the move, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding the new home that's right for you.