The Loan Process: an Overview
There's little question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page application and receive an excellent loan funded the same 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.
Getting a mortgage loan involves four major steps.
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. 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 supply info on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's right for your situation.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, 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" and closing. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you won't have to worry about these details, you get to think about the move, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! Riviera Funding NMLS#861382 CA DRE Broker #01186669 is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Riviera Funding NMLS#861382 CA DRE Broker #01186669 at 3103737406. We answer questions about the loan process every day.