The Florida Mortgage Loan Process

Typically, the timeframe to complete a Florida mortgage loan transaction is 3 to 4 weeks. To ensure a timely closing, provide all necessary documentation to your mortgage consultant as soon as possible. At the time of your Full Application, your mortgage consultant will discuss the loan programs and documentation that best suit your needs.

Florida Mortgage Application - All borrowers will be required to complete a uniform residential loan application (also known as a 1003). The loan application will document your personal history, employment history, assets, outstanding liabilities and declarations. Borrowers applying for a Florida mortgage loan must authorize your mortgage consultant to review your credit profile. All information contained in your application must be accurate to the best of your ability. A complete Florida loan application gives your mortgage consultant information needed to make an assessment of your ability to obtain and repay a Florida mortgage loan. This process is also known as a Pre-Qualification (includes the pre-determined loan amount in which you qualify for).

After completing the application, you will need to sign loan disclosures. Federal law mandates timely disclosure of loan terms, fees, and repayment to borrowers. Disclosures typically include: Good Faith Estimate (GFE), Truth-In-Lending (TIL), Mortgage Brokerage Business Contract, and Mortgage Loan Origination Agreement. Next, supporting documentation to substantiate the application will be requested. Return signed disclosures and supporting docs to your mortgage consultant.

Processing - The mortgage processor receives the Florida borrower's supporting docs, disclosures and is responsible for verifying information in the Florida mortgage application including verification of employment*, verification of mortgage or landlord, verification of funds in bank accounts* and verification of assets*. Processors also order the title policy and appraisal. Once verifications have been completed, then the file is packaged and sent to underwriting for approval. On average, the mortgage processor's responsibilities take 1 week to complete.

Underwriting - A bank underwriter reviews the Florida borrower's loan package to ensure requirements are met for the loan product selected. Underwriters review the entire file including credit profile, all verifications, title policy and appraisal. The underwriter is ultimately responsible for approving or declining a Florida mortgage application for a loan. Underwriters may also perform their own verification and may request any additional information necessary to decision a loan file. After the initial underwriter's review, a conditional approval or denial will be issued. The conditions are additional requests for further documentation to support your loan file. When all conditions have been satisfied, the underwriter will issue a final approval and a clear to close.

Clear to Close - After your mortgage consultant receives the clear to close, the next step is to coordinate with the necessary parties to schedule a convenient time to sign the documents to close on the new florida mortgage loan.

Closing - At closing, the final mortgage loan documents are signed and the borrower's have a new mortgage loan!

Be knowledgeable of the mortgage loan process from the start at ReachYourMortgageGoals.com. Use my Quick Application to schedule your Florida mortgage consultation today!

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