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Applying for a Florida Mortgage

The steps to getting a mortgage are relatively straightforward once you get past all of the legal-jargon and bank talk. You will still need to understand what you are doing of course and we are here to assist you in comprehending the mumbo-jumbo before you put pen to paper and sign on the dotted line.

There are essentially four steps involved in obtaining a mortgage loan:

getting a mortgage in FloridaStep one: Fact finding and pre-approval process

  • How much do you earn?
  • How much are your outgoings?
  • How good is your credit?
  • How much can you pay each month?

You will authorize us to run your credit score and report

We will walk you through a number of scenarios by asking some simple and straightforward questions and from this will be able to give you an approximation of how much you can afford and with what types of loan options are available for you. Once this is completed we will provide you with a letter of pre-approval which is great bargaining clout when negotiating the purchase of a home as it states in black and white that you are able to financially afford the property.

getting a mortgage in FloridaStep two: complete a pre-qualification

The pre-qualification process determines how much you can borrow for a new purchase or refinance on the home in which you are considering. You will need to supply the following details:

  • Details of your current job/employment
  • Your residence history - owned & rented
  • Total assets and liabilities
  • Details about the property you are refinancing or a copy of your fully executed purchase and sales contract for the new home you are to purchase.

Once this is completed we will run DU* this is a pre underwriting gauge that helps guide us to get any other addition information that the underwriter may be looking for you specific situation.

getting a mortgage in FloridaStep three: Submission to Underwriting

Once we have completed the bulk of the standard paperwork your file will be submitted to the underwriter for review and conditional approval. Yes conditional approval. I believe in waiting until your file comes back from the underwriting to see the conditions for approval before ordering an appraisal and survey. Once we see the conditions and we are fairly confident that we can satisfy the conditions we will than order the appraisal and survey. Remember appraisals and surveys are paid by you the applicant whether you close on the loan or not.

getting a mortgage in FloridaStep four: Clear to close and funding

The last step is here, is to satisfy the conditions for closing outlined by the underwriter. Once all the satisfied conditions have been sent to the underwriter for final review and approval, the underwriter will send us and the closing attorney (title company) the CTC, Clear to Close.

Upon receipt of the CTC closing Documents will be ordered and coordinated with the closing attorney with a time for closing your purchase or refinanced mortgage loan.

* DU is Desktop Underwriting program of Fannie Mae, similar is Freddie Mac's LP and GUS from USDA. These automated programs give the mortgage broker or lender basic eligibility guidelines for that specific borrower. A report of Approved/Eligible with conditions is what the lender or mortgage broker is looking for. If we do not see this Approved/Eligible we need to find out why not and see what the potential borrower would need to correct or overcome in order to get an Approved/Eligible to continue working on the loan process.

florida mortgage brokerSo that's it! A simple four step procedure to raising a mortgage on your new home which has been designed to remove the stress and misunderstandings commonly associated with buying a property. Welcome Home!

For further information about getting the right mortgage for you and to arrange your 'NO-FEE ASSESSMENT' call us on (+1) 941-921-1110

Our Education Center

The How to

The process
Qualifying for a mortgage
Zero down – VA, USDA & seller concessions
Contractual Finance Clauses -
Loan and Mortgage types
Settlement cost – What is the HUD1?
Good faith estimate – the maximum cost to obtain the loan
The Til – Truth in Lending
RESPA – Real Estate Settlement Protection Act
Mortgage Insurance - PMI
Disclosures – Understanding Disclosures
Servicing – Banks
Economy/ Markets – the impact on rates
Fannie & Freddie – why they important to you
Credit Score – How credit score affect your interest rate
Other FAQ’s

My Mortgage Blog

Read our blog about everything involved in finding, buying and living in your new home from a mortgage brokers perspective.

Read my opinions about legislation, what it means, how I understand it and how it could be improved.

We have online newsletters and classes explaining in layman’s terms how mortgages work and how to choose the best one for you

My Mortgage Blog

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