How the Mortgage Loan Process Works
There is no question ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a loan in one 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.
There are four important steps involved in obtaining 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? 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. 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: pre-qualify for your loan
This step is where Riverside Funding Corp. can start to save you money. You will give us info on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll go over this info and provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! 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 picking out the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply for your loan
Once you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your closing date. Since you won't have to coordinate this process, you get to concentrate on the move, painting, carpet, and all the details of moving into a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the legwork so you can focus on finding your new home.