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Foreign National
Loan Process
As a client, you should
be aware there are basically two sets of things
you should be concentrating on producing/compiling
on your end. One is your complete loan application
package to truly begin the process of securing your
financing. And second, once you have submitted your
application, you should be focusing on the addtional
steps you need to take to complete the process,
such as opening a US bank account, properly transfering
and documenting all funds needed for closing, and
obtaining home owner's hazard insurance.
The documentation
section will explain the first part to you, the
four steps listed below will give you a detailed
guide to the entire loan and home purchasing process
once you have found and negotiated a purchase contract
on your property. Please use this as a reference
for what to expect, and what may or may not have
been overlooked in your efforts thus far, but realize
you will have to have to discuss these goals/items
with your individual loan advisor to make sure everything
is completed properly.
1.
Complete Application and Fax us the Contract: After
you have found the property you wish to purchase
(or refinance/remortgage) we will need to compile
your complete loan application. This can be accomplished
in a multitude of ways, including your doing most
of it online. You can fill out the application online
right now, as well as securly faxing over any needed
documents. At some point, however, you will need
to speak with one of our loan advisors by phone,
and/or email, to coordinate your efforts and make
sure nothing is overlooked. It would be highly advised
at this time that you also provide us with a credit
card (only via the phone please) so we can get your
appraisal on order.
2.
Gather Your Documents While Waiting on Our Package:
After completing the application package (either
via the internet or the phone), and faxing in a
copy of your puchase contract, we will, normally,
within 48 to 72 hours send out an application/disclosure
package for your review to you in your home country
via overnight post (usually a two to four day travel
time). This will need to be quickly reviewed and
signed and dated by yourself and returned. Ideally,
by the time you have received, reviewed and signed
the application package we have sent you, you have
already collected all needed financial documentation
from your end, and are thereby sending all of this
information back to us in one delivery.
3.
Work On Quickly Setting Up a U.S. Bank Account and
Getting Insurance: After signing and returning the
hardcopy of your reviewed application, our disclosure
documents, and any financial documents required
by you including your purchase contract, you should
be immediately thinking of setting up your U.S.
bank account and Home Owner's Insurance-- actually,
the sooner the better on these items, so don't wait
if you don't want to. Your loan advisor can most
likely recommend a bank contact to assist you setting
up this account, but be aware you will most likely
need to come to the U.S. and do it in person. Home
Owners' Insurance can be done via the internet and
phone, and again, your loan advisor can recommend
someone if you do not already have one.
If you already opened
your US bank account while searching for your home
(which is ideal), then during this step you need
to make sure you properly transfer and document
all settlement funds needed for your closing into
the US account. Do this, as well as pay for your
Insurance premium, as soon as you can.
Besides for getting
your appraisal completed, your title work on order,
any and all other documents the lender may require,
we will definitely need to verify that these funds
are in your US bank account and your home owner's
insurance policy is set up properly before your
loan will be 'cleared to close'.
4.
Close Your Loan/Buy Your Property: Closing your
loan and buying your property happen all within
the same signing, which occurs typically after four
weeks from the time your complete loan package is
submitted the underwriter (step 1). Please keep
in mind that this came be sped up if absolutely
neccessary, but it is preferrable to have this much
time. Also, please be aware that things can definitely
slow down if there are any delays in getting needed
documentation from you.
The loan closing can
occur in one of two ways, either in your home country,
or in the U.S. The process is basically the same,
in that once we receive 'clear to close' status
from our underwriters, meaning that all conditions
of your loan approval have been met (such as appraisal,
documentation, and funds verified in the U.S.) our
lender will release the loan's closing documents
to the title company. The title company will then
drawn up additional documents facillitating the
legal transfer of sale of the property.
It is the title company's
legal repsonsibility to make sure all documents
and all funds are properly signed and disbursed
to facillitate the tranfers of the property deed
and mortgage. If you are in the U.S., it is a relatively
straightforward procedure to show up at the title
company with a cashier's check for your funds needed
to close and sign the proper documents. If you prefer
to close in your home country, please make sure
to double check with the title agent as to their
required rules in getting the documents properly
signed (always requires a legal notary to witness
and depending on the country, you may be required
to go to the U.S. consulate) and how to facillitate
the transfering of your closing funds to them. Naturally,
your loan advisor is there to help in any way possible.
To see more information
about the loan
structure itself and settlement costs.
To see more information
on documentation requirements
and the loan application
.
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