Mortgage in Florida

Getting a mortgage to buy your Florida house is not a two-step procedure. It involves various procedures starting from the pre-qualification of the loan all the way to its closing. It’s always helpful if you know a little bit about all this before you apply for a mortgage.

Pre-qualification is where the lender decides if you qualify for the loan based on various factors like your repaying abilities, your current job, and total income. You as the borrower should take a look at various mortgage programs and rates and decide which mortgage seems feasible to you.

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You next have to fill out the application form providing information like your name, income, the amount you want to borrow, your social security number and an estimate of the house’s value.

Once you submit your application, you are given a loan estimate with details of your chosen mortgage like monthly payment, estimated interest rate, tax and insurance and total loan closing costs.

You now have to decide if you are happy with the mortgage terms or not. If you are, you have to inform the lender, and the morgage in Florida process is started. This is when the lender will ask for some documents, your credit report and an appraisal of the house you want to buy. It’s when you submit all this information that the underwriter decides if you should get the loan.

Once your loan is finally approved, you have to thoroughly read the loan papers and sign them. This is when the funding process starts, and the mortgage process is completed. As you can see, all this takes lots of time, as long as 3-4 weeks to complete.

We understand the process is involved and not completely straightforward. This is why we the Moreira Team would love to offer our years of expertise and knowledge to guide you through the mortgage process so that you receive your funds as quickly as possible, with minimal hassles and confusions. Contact us today and let’s get you into your new house.