Florida Mortgage |
| Home |
| Get Pre-Approved |
| Loan Process |
| FAQ |
| Affiliations |
| Contact |
|
| *Rates change on a daily basis |
| 30 YR FIXED 30 Year Fixed 6.5% |
| 30 YR FIXED Interest Only Payment for 10 years 6.5% |
| 15
YR FIXED 15 Year Fixed 6.25% |
Various other mortgage loan |
How does the mortgage loan process work?
1. Client talks to the mortgage broker to discuss their
mortgage loan needs.
2. Client gives written authorization to the mortgage broker to pull their credit.
3. Mortgage broker “shops” for the best mortgage loan program and interest rate.
4. Client agrees to the terms, completes an application and provides the mortgage
broker with documentation to proceed with the loan.
5. Mortgage broker/processor orders the following: appraisal, title work, survey
and insurance.
6. Loan is submitted to the lender for underwriting (usually a 48-72 hour process).
7. Lender underwrites the loan and issues a conditional commitment – usually
requiring additional documentation.
8. Additional documentation is collected and submitted at one time to the underwriter
to clear any outstanding conditions (usually a 48 hour process).
9. When all conditions are met, the underwriter issues a “clear to close”. The
loan is then turned over to the lender’s closing department.
10. The closing department prepares the documents for the closing and e-mails
them to the title company (usually a 24-48 hour process).
11. The title company/attorney’s office then prepares the documents for signature(s)
and prepares the HUD-1 statement. The HUD-1 statement lists all the charges for
the lender, the broker, the title company and all city, county and state charges.
12. If the mortgage loan is for a purchase you will be notified of the amount
of funds needed for your closing. A cashier’s check from your bank made payable
to the title company/attorney’s office will be required. If the mortgage loan
is for a refinance, you will be informed of the amount of money you will be receiving.
At the closing you will receive a copy of your loan documents from the lender
and original copies of your survey, if the transaction is a purchase. Your final
title policy and an original recorded warranty deed will be mailed to you. Please
keep these documents in a safe place (mortgage loan documents, survey, warranty
deed and title policy).
13. Your broker will provide you with a copy of your appraisal. You are also
entitled to a copy of your credit report, if you wish.
DO’s and DON’TS during the Mortgage Loan Process!
1. DON’T quit your job!
2. DO continue to make your mortgage/rent payments!
3. DON’T shop around or purchase any expensive items (i.e.: a car or boat)!
4. DO call your mortgage broker – if you’re not sure!
 |
Rick Theil 2911 State Road 590, Ste. 22 Clearwater, FL 33759 |
