To finance a property you need to go to bank and apply for a loan. The bank will process your application and will send an apraisal to determine the realistic market value of the property you are purchasing. By doing this the bank warranties that the loan amount is not higher that the actual value of the property.
The following are the main steps involve when getting a loan
- Step 1: Complete your loan application
- Step 2: Review the Truth in lending disclosures
- Step 3: Submit requested documentation. It is recomended that you keep copies of all documents.
- Step 4: Once all documents are received, the loan is submited to the underwriting department. If your application is approved a commitment will be sent to you.You will find certain closing conditions that must be satisfied before the closing.
- Step 5: If you have not locked in your interest rate for your loan, your loan officer can help you determine when to lock your interest rate.
- Step 6: Prior to closing, you must meet all the conditions listed in your commitment letter.
- Step 7: You also need to purchase a homeowner insure policy for the home you are purcahsing before the closing. Bring all receipts and all requested documents to the closing.
- Step 8: The closing day. After signing all related documents, this is the day is when you officially purchase the property.
Florida Real Estate Licensed