The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page application and get a great loan check cut the same day. But Riviera Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage 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? 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 supply details 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. When we review all this info we provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) 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 researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Because you won't need to worry about these details, you get to think about moving logistics, painting, carpet, and the details involved in moving into your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Riviera Funding at (310) 373-7406. Riviera Funding answers loan process questions every day.