The Mortgage Loan Process: an Overview
There's no question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. We do most of 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 main steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we have reviewed this info we give you a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent will use your 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 picking out your new home, we are finding the best loan for you.
Step three: apply now! We make it easy
After you've made 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'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you won't need to worry about these details, you can think about moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Riviera Funding at (310) 373-7406. We answer questions about the loan process every day.