The Mortgage Loan Process: an Overview

There is little question that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a simple loan app and get the best loan check cut 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.

There are four primary steps involved in getting a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 rubber meets the road and you save the most money. You will supply info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your REALTOR® should use the 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 REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Because you will not have to worry about these details, you can think about moving logistics, painting, new carpet, and the details involved in moving into your new home.

You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! We do the legwork so you can focus on finding your new home.

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!

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Riverside Funding Corp.

670 Long Beach Blvd, S119
Long Beach, NY 11561