The Mortgage Loan Process: an Overview
There can be little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could fill out a simple loan application and get the best 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 home loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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: pre-qualify for your loan
This is where the rubber meets the road and Riviera Funding NMLS#861382 CA DRE Broker #01186669 can really save you money. You will provide details on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we have gone over this information we provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The 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 require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Since you won't need to worry about these details, you can think about moving, painting, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving in! We take care of the legwork 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!