The Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page mortgage application and get an excellent loan funded in one 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 home 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. 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 step is where Riviera Funding NMLS#861382 CA DRE Broker #01186669 can begin to save you money. You will provide info on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll review all this info and will give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be 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 applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Because you won't need to worry about these details, you can concentrate on the move, paint colors, carpet, and the details involved in getting a 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 take care of the details. 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.