Content of this page courtesy of... West Penn Mortgage

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A Step-By-Step of the Mortgage Application Process.

We know applying for a mortgage can be intimidating. With West Penn Mortgage, there's no need to worry. Our process is simple and straightforward. We've outlined the mortgage process to provide a better idea of what to expect and to save both time and effort in applying for a mortgage for your new home.

1 Application.

The first step is to visit a Riverview Homes, Inc. (RHI) home center, pick a home with the help of RHI’s qualified sales consultant, leave a refundable deposit to get the ball rolling and complete a simple 1 page application. The RHI sales consultant will submit your application. You will be contacted within two business day to let you know the status of your application. You will deal directly with a West Penn Mortgage broker so all your mortgage questions can be answered quickly and efficiently.  Additionally your RHI sales consultant is knowledgeable about West Penn’s mortgage programs and will be there every step of the way to help you get the best possible service.

2 Loan Processing.

Once we have your application West Penn Mortgage will order a credit report.  In the mean time we will begin to gather necessary documents like proof of income, copy of deed, sales agreement, West Penn Mortgage will verify all information and with a workable credit report, your loan file will go to the underwriting department the lender.

3 Underwriting.

This is the big checkpoint. Is your credit history in good shape? Can you realistically afford the loan? If the answers are yes, you're almost through! 

4 Appraisal and Preliminary Title Search.

The next step is that West Penn Mortgage will order an appraisal of your property to determine value of the completed project.   At the same time, Venture Settlement, Inc. (a title company) will check to make sure the official records regarding ownership of the property are in order; this is called a title search.

5 Loan Commitment.

A short time after you provide West Penn Mortgage with your documentation, your loan officer will call you with the final response to your application. If the appraisal and title search come back without surprises, you're in the home stretch.  West Penn Mortgage will receive a commitment from a lender to provide a mortgage end loan when construction of your home is completed.  Any further conditions will be identified in the commitment letter.

6 Construction Loan Closing and Beginning Construction.

Most mortgages are typically a two close mortgage.  The first closing is on the construction loan.  You will be required to sign the necessary construction loan documents.  In many cases the construction lender is different than the final or end lender.  The construction loan provides funds during the construction phase of the home building.  Typically you will pay interest only payments on only the money that is paid out to your contractors according to a draw schedule that you approve.  Once your loan has been approved and your various loan conditions have been met and your building permit has been issued and the construction loan has been closed and your down payment has been paid, your new home can be ordered and your site construction can begin. Your RHI Sales Consultant will notify you approximately when your home is being built and can also let you know when you can expect your home to be delivered.  Of course this is all dependent on the site construction and the home manufacturer’s schedule.

7 End Loan Closing.

Once all the construction has been completed, your end loan can be closed.  Your RHI sales consultant and/or Venture Settlement will notify you to come in and sign all of the required end loan documentation. After signing your name about a dozen times, the process is complete. Other than a sore wrist, the process is painless. Congratulations on purchasing your new home!