The Four Steps of the Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be visiting our site if you could fill out a simple loan app and receive the best loan funded the same day. 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.

Getting a mortgage loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan

This step is where Riviera Funding will start saving you money. You will supply details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. Finally, we'll order an 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 coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you won't have to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and all the details of getting your new home.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! We do the legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Riviera Funding at (310) 373-7406. It's our job to answer lending questions, so we're happy to help!

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