Typical Mortgage Process for a Miami Foreign National Loan

The process to obtain a loan as a foreign national is fairly similar to the one followed by a regular American citizen.

The process usually starts with an initial consultation with a mortgage broker. This meeting can be done in person or by phone. To accelerate the process, you may want to have the needed documentation ready (go to the Needed Documentation for a Foreign National Loan.)

Once the different loan options are studied and one is chosen, we help you fill out a loan application. Once you fill the application (we can do it online,) you need to provide us with the needed documentation.

After we receive the required documents, we start preparing a package to send to the underwriter (the person who will authorize the loan.) We’ll ask for an appraisal of the property to make sure that the house it’s at least worth the value of the loan. We also ask for a title report to make sure that you can get a clear title of the property when you sign on the papers.

Once we have all the information, we send it to the underwriter, who will ensure that the information received is accurate. The underwriter will usually get in touch with your employer to verify employment or with your accountant if you are a business owner.

After the underwriter approves the loan, we’ll receive a letter with the exact conditions of the loan and when we can expect to close the loan. As soon as we receive the letter, we send the whole package to the title company which is the organization in charge of doing the closing of the loan.

Of course, we will guide you and advise you throughout the whole application process.

Please keep in mind that we do this on a daily basis, and we are used to advising people just like you on how to get a loan in the United States.