The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page application and receive the best loan check cut the same day. But Riverside Funding Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? 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 the process really begins and Riverside Funding Corp. can really save you money. You will supply information on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the best loan for you.
Once you have signed the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date to close. Because you won't need to coordinate this process, you can think about the move, paint colors, carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Riverside Funding Corp. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Riverside Funding Corp. at 516-431-2009. We answer questions about the loan process every day.