The Mortgage Loan Process: an Overview

There is no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to fill out a simple loan app and receive the best 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.

There are four primary steps involved in obtaining a loan.

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? 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: complete a pre-qualification

This is where the rubber meets the road and Riverside Funding Corp. can really save you money. You will provide information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We'll review this information and provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. At the end of this step, we will order the appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need 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 on your date of closing. Because you will not need to worry with this coordination, you can think about moving logistics, painting, carpet, and the details involved in moving into your new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can spend your time finding the new home that's right for you.

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