The Mortgage Loan Process: an Overview
There is little question ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a simple application and get a great loan funded the same 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 important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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: 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 give us info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll review this information and provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the best loan program for you.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online 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: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you don't have to worry with this coordination, you can concentrate on moving logistics, paint colors, carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are moving in! Riviera Funding NMLS#861382 CA DRE Broker #01186669 is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
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!