FLORIDA MORTGAGES

ORLANDO VACATION VILLAS

Where you should source your mortgage is the subject of numerous books and studies. Is it better to take a US $ mortgage or raise finance in the UK or even in Swiss Francs. The fact is that there is no `right' answer to this question and it largely depends on personal circumstances. However, a simple answer is that you should seek to make mortgage repayments in the currency in which you receive rental income.  If you require advice and further information please let us know.

Applying for your Orlando Mortgage

The process of buying a holiday home in Florida is not the same as in countries like the UK, much of it, though, is recognisable to anyone who has bought property before. And at every step of the way, we aim to make everything as clear and simple as possible.

Our mortgages are granted through specialist mortgage intermediaries both US and UK based who are licensed Mortgage Brokers in Florida. Your chosen Intermediary will work closely with you, and advise you, throughout your application and purchase or refinance process.

Florida Mortgages - Next steps

When you have found the property you want to buy we will provide an instant decision in principle. On acceptance, your Intermediary will assist you in completing the mortgage application form, which will then be sent to the appropriate bank for processing.

 What Happens Next

(1) An Agreement in Principle is issued to you by the lender.

(2) Statutory disclosures will be sent to you, such as the Truth-in-Lending Act Disclosure statement which allows you to see the terms of the loan in a standard format, thus making comparisons easier. We will also supply you with a Good Faith Estimate of settlement costs, which estimates all the likely charges.

(3) A valuation report ( known in the US as an Appraisal Report ) and Flood Certificate ( see glossary of terms for definition) are requested on your proposed Florida holiday home.

(4) A Title Company is instructed to ensure that there is no difficulty with the title of the property you are buying. If satisfied with their enquires, the Title Company will issue a title commitment that everything is in order and this will be sent to the bank.

(5) The Intermediary will contact you with a final estimate of closing costs and obtain your agreement to proceed.

(6) We then will issue you with a formal mortgage offer (known in the US as a "commitment letter").

(7) Documentation including a Dept of Housing and Urban Development settlement statement (HUD-1) and the Mortgage and Loan Note are issued by the Title Company and the documents are forwarded to you.

(8) The Mortgage will be signed by you and notarised (witnessed by a Notary) and sent to the Title Company for formal registration at the appropriate Registration office in Florida. The Loan Note, once signed by you should be sent to the lending institution..

(9) The advance is then sent to the closing agents to complete the purchase of your home in Florida.

We can offer a good selection of mortgages and finance in US dollars, Sterling and other currencies.

For more information contact us here:  mortgages@life-international.co.uk