Miami real estate news and information

Applying for a loan? Quick overview of the loan process

Thinking about moving?   To simplify the process,  talk with your Realtor, and your Loan Officer before you start house-hunting  …  and get pre-approved for a loan before falling in love with a property … or making an offer.

Once you have an accepted offer … and all the terms have been agreed upon by all parties (buyer and seller),  you’ll want to submit your fully executed contract (purchase agreement) and loan application to your lender right away … and lock in your rate.  Your Realtor will work with you throughout the process … from finding the right house and negotiating the terms of the contract, through the loan application process, inspections,  title, insurance and closing… and beyond (if you have the right Realtor!).  

In the State of Florida, most buyers  are free to select their own title and closing agent.  And transactions in Florida can either close having an attorney handle the closing / or through having a separate title and closing agent handle the closing.

Once you (the buyer) complete your loan application, your lender will start processing your loan application and all of the paperwork, verifying the information – and  your lender will order an appraisal and the title search (… the appraisal is ordered through an independent appraiser –  and the title search is ordered through whichever title company that you, the buyer, select).

You will also want to order your home inspections as soon as you have a fully executed purchase contract.  Your Realtor will be able to provide several recommended inspection companies.  

Once  the appraisal and title work are done, and the loan commitment provided to you, the file will be sent to underwriting for final review.  Then the closing will be scheduled.

If there are issues that arise during the loan application process, with the loan itself, or with the appraisal or title search, those  issues will need to be resolved and wrapped up prior to closing …. through your Realtor… with your lender/attorney/title company/etc.  The Restivo Team … Vicki and Alexandra … [email protected]  305 793-1365

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