Process for a U.S. Mortgage...Buying a home in Naples
If you're planning to buy a home in the U.S., understanding
the process helps to make it a smooth process. The more you
know about it, the easier it will be.
- Step 1 - Applying for a Mortgage Loan
The process can begin via phone or in person with a mortgage
loan officer that provides the information needed to make
informed, smart decisions. Your mortgage loan officer will
discuss your financing needs; present product options and
explain how different options affect your payments, interest
rates, and principal reductions. Also, your loan officer is
a local specialist and is familiar with other local specialists.
Come to us first for Realtor referrals, title agents or Real
Estate Attorneys and Insurance firms.
After product selection and application, you will be provided
with a Good Faith Estimate and other early disclosures that
review the costs associated with getting the loan and the
loan structure. They will review the mortgage loan approval
process and how that might be different from what you are
accustomed. Your mortgage loan officer will give you an indication
of whether or not you have preliminary approval for the product
chosen. You will need to provide information to verify your
income, assets, debt and residence history.
- Step 2 - Processing
After your completed mortgage application is received, an
international credit report is obtained to verify your credit
rating. You will also be asked for additional documentation.
A 3rd party appraisal and title work will be ordered to verify
the value of the property and to verify current lien holders
on the property. Then, your mortgage loan officer will lock
in your interest rate on the mortgage product you chose. This
process usually takes 5-10 days.
- Step 3 - Underwriting
Your loan will be submitted to the underwriting department
for approval. Once your loan is approved to close, you will
be notified and closing documents will be prepared and sent
to the location where the closing will be held.
- Step 4 - Closing
In the U.S., it is customary for the borrower to attend the
closing; however closings may be negotiated by mail or by
Power of Attorney (POA). The POA must be approved before closing.
The paperwork presented at closing is extensive and legally
requires the signature of borrowers. If you're unable to attend
the closing, your mortgage loan officer must be notified in
advance, as well as your attorney, so they can set up a process
for the loan to close without you there. Please understand
that closings not conducted in person by the borrower may
take additional time to complete. In addition, some state
laws require the lender to have completed documentation prior
Read these other Canadian info articles:
U.S. Mortgage process to Canada's
Canadians buying property in Florida...what can you expect.
for Naples Real Estate Now
RUTH BETHEM, ABR, CRS, GRI, Realtor®
Premier Sotheby's International Realty
4001 Tamiami Trail N, Suite #102
Naples, Florida 34103
Phone: 239-777-7007 or Toll Free 877-777-7545
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