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How a USA Mortgage
works
The mortgage process in Florida and elsewhere in the USA is an easy one, and it goes as
follows:
Loan application
is taken, and all loan documents are signed with original
signatures. This can be done through the mail or in person.
Local loan applications can be taken at your home or office.
Foreign Nationals can be dealt with in person, fax, or DHL.
If there is a
contract on a property, an appraisal is made to determine
the value of the home being purchased. If no contract, you
can proceed for a mortgage pre approval, pending a contract
for purchase.
Once received,
other documentation required is put in with the loan
documents, and appraisal, and the loan is at this time
submitted to the loan underwriter, who is the decision-maker
on the loans. Within about 24-48 hours, you will have a loan
approval, and at that time the closing (completion) is
scheduled.
The Title
Company then provides survey and termite reports title, and
the closing is set for buyer and seller to sign the final
documentation. Foreign National buyers need not be present
in the USA for closings. All documents can be sent via DHL
for signatures to both buyer and sellers. The title company
acts as a intermediate between buyer and seller, and they
are also the ones who record all the final documents with
the county for public record.
For US buyers, there is a slightly easier process to financing.
We can submit the loan through a computer generated underwriter
and can have your loan approved within hours of taking your
initial application. This can be done on Conventional and
government loans as well. This is a much quicker and hassle free
way of obtaining your financing. Documentation requirements are
also much less on this form of financing as well. You can still
also shop dozens of investors to make sure you are getting the
lowest rate and costs available in the market today.
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