About the Mortgage Loan Process
No doubt, a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to fill out a simple application and receive an excellent loan check cut 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 milestones.
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 is where the process really begins and you save the most money. You will provide details on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your agent 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 your new home with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you will not have to coordinate this process, you get to think about the move, painting, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! Riviera Funding NMLS#861382 CA DRE Broker #01186669 is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Riviera Funding NMLS#861382 CA DRE Broker #01186669 at 3103737406. It's our job to answer lending questions, so we're happy to help!