The
process of buying a holiday home in Florida is not the same as in
Britain, so you won't be surprised that the process of funding it
with a British mortgage is a bit different too.
Much of it, though, is recognisable to anyone who has bought property
in Britain before. And at every step of the way, we aim to make everything
clear and simple as possible.
Our mortgages are granted through specialist mortgage intermediaries
who are licensed Mortgage Brokers in Florida. They are also available
through select intermediaries based in Britain. Your chosen intermediary
will work closely with you, and advise you, throughout your application
and purchase process. |
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When
you have found the property you want to buy we'll 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 British Mortgages
Abroad and International Mortgages in Britain for processing.
Contact us
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| What
Happens Next |
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- An
Agreement in Principle is issued to you by the lender, First National
Bank Plc.
- 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. We will also supply you with a
Good Faith Estimate of settlement costs, which estimates all the
likely charges.
- 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.
- 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 enquiries, the Title Company will issue a title commitment
that everything is in order and this will be sent to us.
- We
then will issue you with a formal mortgage offer (known in the
US as a "commitment letter").
- Documentation
including a Department of Housing and Urban Development settlement
statement (HUD-1) and the Mortgage and Promissory Note together
with remaining documents are sent to you in Britain.
- The
Mortgage must 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 Promissory note, once signed
by you should be sent to us.
- The
advance is then sent to the closing agent to complete the purchase
of your home in Florida.
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