The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There can be no question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. But Riverside Funding Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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. 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 is where Riverside Funding Corp. will start to save you money. You will give us information on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we will provide a pre-qualification letter. Your agent will use your 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 shopping for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you don't need to coordinate this process, you get to think about moving, painting, carpet, and the fun parts of moving into a new home.

You've answered a few questions, provided detailed information, applied online, and before you know it, you are deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Riverside Funding Corp. at 516-431-2009. Riverside Funding Corp. answers loan process questions every day.