The Mortgage Loan Process: an Overview
There's no question ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a simple loan application and receive a great 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.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This step is where Riviera Funding NMLS#861382 CA DRE Broker #01186669 will start saving you money. You will give us details on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! 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 picking out your new home, we're busy finding the loan that's right for your situation.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your closing date. Because you don't need to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can spend your time 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!