About the Mortgage Loan Process
There's a lot to do when you get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a one-page application and receive a great loan funded the same day. But Riverside Funding Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us details about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! 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 looking for your new house with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you will not have to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! 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. It's our job to answer lending questions, so we're happy to help!