The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There is no doubt that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could fill out a simple application and receive an excellent 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.

There are four main steps involved in obtaining a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will give us information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. When we review this information we will provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will 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 shopping for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Because you don't need to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and all the details of moving into your new house.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of all the loan details 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. Riviera Funding NMLS#861382 CA DRE Broker #01186669 answers loan process questions every day.

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Riviera Funding NMLS#861382 CA DRE Broker #01186669

1801 S. Catalina Avenue Suite #201
Redondo Beach, CA 90277