The Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a simple application and receive a great loan funded 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.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the rubber meets the road and Riviera Funding NMLS#861382 CA DRE Broker #01186669 can really save you money. You will give us info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Because you won't have to worry with this coordination, you can concentrate on moving, paint colors, carpet, and the details involved in moving into your new house.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
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.