We are committed to giving you the individual attention you deserve. We offer you fast, dependable service with a personal approach. This means involvement from the first step to the last, with the Riverview Mortgage staff working according to your schedule.
What to expect during the mortgage process
Below is a brief listing of what you can expect during the Riverview Mortgage process. Based on your individual circumstances, your path may vary. We invite you to stop by or call the Riverview Mortgage office and let us show you how we take your mortgage needs personally.
Generally, here’s what you can expect once you apply for your Riverview Mortgage loan:
Apply for a loan
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Step One: Complete your application
Complete your application in its entirety. If you apply online, your application will be received instantly by a qualified Mortgage Loan Representative and they will contact you regarding any additional information that is needed and walk you through the rest of the mortgage process.Like most buyers, you’ll want your loan approval process to go quickly and smoothly. At Riverview Mortgage, we make this possible by minimizing the documentation you’ll need to provide.
The following checklist shows what is required to finish processing your loan.
Legible sales contract signed by Buyers and Sellers ( when available )
Social Security numbers of all applicants
Complete addresses for the past 2 years (including complete name and address of landlords for past 24 months)
Name, address, and all income earned from all employers for past 24 months
Copies of previous two years’ W-2 forms
Copy of most recent year-to-date paystub
Name, address, account number, monthly payment and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans and auto loans – this we will pull from your credit report
Name, address, account number and balance of all deposit accounts, including: checking accounts, savings accounts, stocks, bonds, 401K, etc.
Three months’ most recent statements for deposit accounts, stocks, etc.
If you choose to include income from Child Support/Alimony bring copies of court records or canceled checks showing receipt of payment
In addition to the general requirements above:
If you are applying for a VA Loan:
- DD-214, Certificate of Eligibility or statement from your Commanding Officer if you are on active duty
- If you are self-employed or paid by commission
- Previous two years’ Federal Income Tax Returns with all schedules – if self employed
- A year-to-date profit and loss statement – if self employed
If you own other properties:
- Address of properties and current market value
If any debt is owed on properties:
- Lender’s name, address, account number, monthly payment and current balance
- Copy of previous two years’ Federal Income Tax Returns with all schedules
If rented: copy of lease
If you have filed bankruptcy in the last seven years:
- Copy of petition and discharge, handwritten explanation of the reason for bankruptcy
Step Two: Your application is received by Riverview Mortgage
Within three business days from when the lender receives your application, the Real Estate Settlement Procedures Act (RESPA) requires the lender to provide you, among other things, a:
Good Faith Estimate – This form presents an itemized estimate of the costs you will incur at closing.
Truth in Lending Disclosure – This form provides estimated information on your Annual Percentage Rate (APR) and cost of financing.
Take the time to review these documents very carefully. If you should have any questions regarding these documents please call us at 813-343-0110
Step Three: Riverview Mortgage will order all of the appropriate documentation from any third party service
Credit Report – Riverview Mortgage will obtain a credit report showing a two- to seven-year history. If your credit report shows a late payment or default, you may be required to provide a written explanation of why it occurred. If you have declared bankruptcy in the past, you may be required to furnish copies of the official bankruptcy documents and a written explanation of why the bankruptcy occurred.
Property Appraisal – A property appraisal is a basic requirement for almost any mortgage loan. Riverview Mortgage usually selects who will appraise the property and orders the appraisal. An appraisal is an estimate of a property’s value as of a given date as determined by a qualified professional appraiser. The value may be based on replacement cost, the sales of comparable properties or the property’s ability to produce income. Typically, the cost of the appraisal between $375 and $450. The borrower has the right to receive a copy of the appraisal.
Property Survey – Most lenders also require a survey, which is a physical measurement of property done by a registered professional showing the dimensions and location of any buildings as well as easements, rights of way, road, etc. We will request title company to order
Other Property Inspections – Other property inspections that may be required include a pest or termite inspection, typically paid for by the seller; an inspection of the septic system and well water if appropriate; building inspections stating that the electrical, heating, and plumbing systems are in working order; appliance inspections, etc. These inspections may be ordered by you or the real estate agents and should be discussed to determine who the responsible party will be.
Step Four: Your Loan is processed
How long will the loan process take?
This process can take anywhere from 48 hours to two weeks depending upon the type of mortgage you choose and other factors. Other factors include whether the applicant is self-employed, title clearance, etc. Time delays can also occur if outside sources such as appraisers or you do not provide documents to the lender in a timely manner.
Riverview Mortgage evaluates and verifies the information you have provided. Additionally, a reconciliation of your application and the documents ordered is also performed to ensure the accuracy and completeness of the file.
Step Five: Loan decision is made
Based on all the information you have provided, the credit report and the property appraisal, an underwriting decision is prepared. This decision must be in compliance with the regulations, guidelines, and standards of government agencies, any secondary market investors . During this process, additional information can also be requested of you. Once a decision on your file is reached a mortgage processor will contact you with the information.
Step Six: Set-up of Loan Closing
Your Mortgage Representative from Riverview Mortgage will contact you to coordinate a closing date that is suitable for you.
The closing agent or title company handling your settlement will contact you anywhere from 24 to 48 hours before the settlement date. The purpose of the call is to provide you with the exact dollar amount you need to bring to closing. You will be asked to bring this amount in the form of a certified cashiers check or a wire
Step Seven: Settlement/Closing
For both buyer and seller, the “closing” or final settlement is an exciting day. The buyer becomes the owner of a desired property and the seller gets paid. The word “closing” refers both to the time of settlement and the act itself of transferring ownership of the property.
At settlement attorneys and/or closing agents will guide you through the process of reviewing and signing documents.
Step Eight: What happens after closing?
Congratulations on your New Home! The closing package you received at settlement will include information on where and how you can make your mortgage payments. The timeliness of your mortgage payment is critical to maintaining your good credit standing.