How the Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be here on our site if you could fill out a one-page loan app and receive a great loan funded the same day. But Riviera Funding NMLS#861382 CA DRE Broker #01186669 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage 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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your closing date. Since you will not need to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're 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.