How the Loan Process Works
There's a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a simple mortgage application and receive the best loan check cut 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.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan
This step is where Riviera Funding NMLS#861382 CA DRE Broker #01186669 can begin saving you money. You will provide information on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers have accepted, 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 seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you don't have to worry with this coordination, you can concentrate on the move, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you're deciding when to move 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.