The Mortgage Loan Process: an Overview
No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a one-page application and receive a great loan check cut 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
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 start to save you money. You will supply details on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we have reviewed this information we provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Because you don't have to coordinate this process, you can concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of all the loan details so you can focus on 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!