The Mortgage Loan Process: an Overview
There is no question ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could fill out a simple loan app and get a great loan funded the same day. 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.
Getting a home loan involves four major steps.
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? 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. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. 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 looking for your new home with your agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
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'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you won't have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the details involved in getting a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Riverside Funding Corp. is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Riverside Funding Corp. at 516-431-2009. Riverside Funding Corp. answers loan process questions every day.