How the Mortgage Loan Process Works
There's no question ; getting a mortgage is a complex process. You wouldn't be visiting our site if you could complete a simple application and get a great loan check cut 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 home loan involves four major steps.
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? 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. 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 Riviera Funding NMLS#861382 CA DRE Broker #01186669 will start saving you money. You will give us details on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. We'll go over this info and will provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan that's just right for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you won't need to coordinate this process, you get to think about moving logistics, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding the new home that's right for you.
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.