The Loan Process: an Overview
There is no doubt that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. 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.
Getting a loan involves four major milestones.
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. 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 rubber meets the road and Riviera Funding can really save you money. You will provide information on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the best loan program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you will not have to worry about these details, you can concentrate on the move, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! Riviera Funding is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Riviera Funding at (310) 373-7406. We answer questions about the loan process every day.