The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out 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 primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? 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 to save you money. You will supply information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan program that's right for your situation.
Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you don't need to coordinate this process, you get to think about moving logistics, painting, carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Riverside Funding Corp. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Riverside Funding Corp. at 516-431-2009. It's our job to answer lending questions, so we're happy to help!