The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could fill out a simple loan application and receive a great 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.
There are four important steps involved in getting a mortgage loan.
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? 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 supply information on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will go over all this information and will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan that's just right for your unique situation.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your closing date. Since you don't have to worry about these details, you can think about moving logistics, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the legwork so you can focus on finding your new home.
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!