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Obtaining a mortgage
for a home is simpler than what most people think. A mortgage
broker can pre-qualify you for a mortgage within minutes over the
telephone. All mortgage companies offer this service absolutely free.
When purchasing a home with a mortgage,
the following steps are required and highly advisable:
- Speak to a mortgage broker (under no obligation) over the telephone
and get pre-qualified for a loan. The mortgage broker will ask
you questions and will enter the information into his or
her mortgage calculator. In turn, the mortgage broker will be
able to tell you the amount of mortgage you can qualify for. The
mortgage broker will also go over the list of documents that are
required when completing a loan application.
- Gather all of the required mortgage documents and information
requested by the mortgage broker.
- Find your dream home.
- Upon signing the sales contract, within 5 days, you must meet
with a mortgage broker and complete a loan application. You will
also at this time be providing the checklist of documents required
to obtain a loan commitment.
- A mortgage broker MAY have to pull your credit report in order to give you a more concrete answer on whether or not you quality for a mortgage.
Cost of Obtaining a Mortgage:
All mortgage brokers should provide a “Good Faith
Estimate of Settlement Costs” when first applying for a mortgage
- this is the law. This estimate is a total break down of all the
costs (mortgage broker fees, lender fees and all third party fees)
related to obtaining a mortgage.
An approximate cost of obtaining a mortgage in Florida can be calculated
by multiplying the sales price times 5% to 6%. This is assuming the
seller pays for no portion of the closing costs. Some of these costs
are the following: mortgage broker’s fees, appraisal report,
credit report, survey, termite report, state tax on the deed (stamp
taxes), title insurance (solicitor’s fees), property insurance,
property taxes (rates), HOA fees, etc. Even if you do not obtain
a mortgage, some of these costs may still apply such as: survey,
termite report, property insurance, property taxes, HOA fees, etc.
We will try our best in helping you get the seller/builder to pay
for a portion of these closing costs. On an average, the 5.8% can
be reduced to about 3.5% to 4%.
Approximate Loan Approval Time:
- 3 to 6 weeks for overseas
borrowers
- 1 to 3 weeks on US citizen
borrowers
Approximate Closing Times:
- 3 to 8 weeks on resale properties
(depending upon the borrower being an overseas or local purchaser)
- 3 to 7 months on newly built
properties
A Bonded Title Company conducts closings on homes purchased in Florida.
Please see section on "Title Companies/Solicitors" in
our web site.
If you are serious about getting prequalified for a mortgage, please click on the link to download the Mortgage Prequalification Form and the Credit Authorization Form. Upon choosing the right mortgage company, they will require these 2 forms in order to give you the correct information on what type of mortgage you can obtain.
For further DETAILED independent information on mortgages and/or to speak with a Licensed Mortgage Broker, please contact Orlando
Properties & Investments, Inc. |
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