The Mortgage Loan Process: an Overview

There is little question ; getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Riviera Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major milestones.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 the rubber meets the road and you save the most money. You will supply info on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review all this information we will provide a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date to close. Because you will not have to worry about these details, you get to think about moving, painting, carpet, and the fun parts of moving into a new home.

You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Riviera Funding at (310) 373-7406. Riviera Funding answers loan process questions every day.

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