About the Mortgage Loan Process
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get an excellent loan funded in one 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 loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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 is where Riviera Funding will start to save you money. You will provide info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We will go over this info and provide 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 the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date of closing. Because you don't have to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! Riviera Funding is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
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!