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

There's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day by filling out 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 mortgage loan involves four major steps.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple questions. 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 Riviera Funding will start to save you money. You will give us info on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We will review all this info then will give you a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Since you will not have to coordinate this process, you can think about the move, painting, carpet, and the details involved in moving into your new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding your new home.

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

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