An Overview of the Mortgage Loan Process
No doubt, a lot involved in oder to get a mortgage. You wouldn't be visiting our website if it were possible to fill out a one-page application and receive 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 mortgage loan involves four major steps.
Step one: determine how much you can borrow
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. 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 the process really begins and Riviera Funding NMLS#861382 CA DRE Broker #01186669 can really save you money. You will supply info on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date of closing. Since you won't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be 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. Riviera Funding NMLS#861382 CA DRE Broker #01186669 answers loan process questions every day.