The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our site if you could fill out a one-page loan app and get the best loan check cut the same day. But Riviera Funding NMLS#861382 CA DRE Broker #01186669 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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? 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. 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 NMLS#861382 CA DRE Broker #01186669 will begin to save you money. You will give us information about your current job, your 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. We'll 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 looking for a new home with your real estate agent, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the 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. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Because you will not have to worry about these details, you can concentrate on moving logistics, painting, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are moving in! Riviera Funding NMLS#861382 CA DRE Broker #01186669 is a mortgage specialist; you're not — so we 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.