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Mortgage Process

Florida Mortgage Process at Fidelity

Estimate Your Florida Home Loan Budget
Individuals and couples should approximate how much house they can afford. This lets you set realistic expectations for Florida house hunting and choosing a mortgage loan. While it’s important to determine a maximum home price, it’s equally important to examine monthly payments as a threshold too. In fact, monthly mortgage payments are not just principal and interest. They can include such items as taxes, mortgage insurance, HOA fees and homeowner’s insurance. For this reason, home buyers need to mindful of the all details instead of solely focusing on purchase power.

Attain Pre-Approval for a Mortgage Loan
Once you’ve estimated your maximum home price and monthly pay, home buyers should a pre-approval from their lender. This letter demonstrates how much money a mortgage lender has authorized you to borrow, centered on your savings, credit, and income. This should be done before seriously looking at potential homes. In fact, earning a pre-approval letter provides instant power to a home offer as the seller has strong indication that you’re qualified for a Florida mortgage loan.

House Hunting and Making an Offer
Now that you’ve been pre-approved, it’s time for the exciting part — house hunting. After visiting homes on the market with your real estate agent and selecting out the home you like, it’s time to make a bid. Your real estate agent will coach you as to how to structure the offer. It may include conditions that must be fulfilled before the transaction is closed. When you make your offer, you’ll generally submit a binder fee (or earnest money deposit). The binder is simply a cash deposit to demonstrate your commitment to buy the house. Binders can vary, but generally a minimum of 1% of the purchase price. At closing, the earnest money deposit will be incorporated into your down payment.

Get the Home Inspected
Once your offer is agreed, the next step in the mortgage process is normally a home inspection. A comprehensive home inspection gives you valuable details about the home’s condition and things that are not easily identified by home buyers.

Home Inspection Checklist

  • Appliances
  • Roof
  • Foundation
  • Electrical
  • Plumbing

Having a home inspection is vital because it helps the buyer know if a house may require expensive restorations. What is discovered during an inspection can become part of a sales discussion between purchaser and the seller.

Call Your Loan Officer at Fidelity
You may have already decided on a mortgage company when you got pre-approved. However, conditions may have changed since that pre-approval. Your Fidelity loan officer will scour the best rates and mortgage products to get your loan choice started.

Complete the Full Loan Application
After choosing a lender, the next stage is to complete a full mortgage loan application. Although most of the application was completed during the pre-approval phase, a few supplementary documents will now be required to get a loan file through underwriting. For instance, the lender will need the fully executed purchase agreement, as well as proof of your binder deposit. They may also ask for renewed income and asset documentation, such as pay stubs and bank statements. At this point, you will be given a loan estimate within three business days which will list the precise rates, fees, and terms of the home mortgage.

Order a Home Appraisal
Your lender will coordinate an appraiser to provide an objective estimation of the value of the home you’re purchasing. Lenders generally use a third-party company not linked with the lender. The appraisal confirms that you’re paying a fair market price for the house. Also, the appraisal price needs to be equal to, or lower than purchase price for the loan to close.

Home and Loan Closing
The lender will dispatch the closing documents, along with directions on how to prepare them, to the closing attorney or title company. You will likely meet in the attorney’s office. Get ready for a large pile of papers that you’ll be signing. One of the most critical documents is the Closing Disclosure. It should appear similar to the loan estimate you received when you completed the full loan application. The loan estimate gave you the projected costs. The closing disclosure corroborates those costs. In fact, they should tie pretty closely. Certain laws prevent them from varying too much. If everything is in order, you’ll sign all your documents, get your keys, and now you’re a Florida home owner!

mortgage process

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