The Mortgage Loan Process: an Overview

There's quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive the best loan check cut in one day. 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.

There are four main steps involved in getting a loan.

Step one: determine how much you can borrow

This is a function of a couple things. 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. 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 process really begins and you save the most money. You will supply information about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. 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 looking for your new home with your agent, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Since you won't have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.

You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! Riviera Funding NMLS#861382 CA DRE Broker #01186669 is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Riviera Funding NMLS#861382 CA DRE Broker #01186669 at 3103737406. Riviera Funding NMLS#861382 CA DRE Broker #01186669 answers loan process questions every day.

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Riviera Funding NMLS#861382 CA DRE Broker #01186669

1801 S. Catalina Avenue Suite #201
Redondo Beach, CA 90277