How the Mortgage Loan Process Works

Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You would not be looking up loan information if you could get a loan in a single 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 important steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

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: complete a pre-qualification

This is where Riverside Funding Corp. will begin to 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 get your permission to pull your credit score and report. We'll go over all this info and will provide a pre-qualification letter. Handle it with care — it is a great 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 deciding on your new home, we are looking for the best loan program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your closing date. Since you don't have to coordinate this process, you get to think about the move, painting, new carpet, and all the details of moving into your new house.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! Riverside Funding Corp. is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?

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

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