Home Buyer Education
Florida Mortgage Loan Process

Knowledge is power and nowhere is that more true than when it comes to getting a Florida mortgage or refinancing a Florida mortgage. At Capital Lending Corp., we believe that the more our Home Buyer and homeowner clients know about the loan process at the start, the better prepared they are for mortgage success.

The first step in getting a Florida Mortgage is finding out how much you can borrow.

If you are using a Florida Realtor®, he or she will certainly put you in touch with a Florida Mortgage Broker or Lender before showing property to ensure that you have an accurate picture of your borrowing power and you are both looking for homes in the right price range.

The maximum amount that you can borrow on your Florida home loan depends on several factors:

• The amount that you can afford to pay in monthly mortgage payments: Capital Lending Corp. home loan specialists can help you get a realistic view of this number. We like to have our clients get realistic numbers for all of the other components in their monthly household budget and then subtract to arrive at the monthly mortgage payment figure. We have found doing it this way results in a much more realistic view of the right monthly mortgage payment. A Capital Lending Corp. Florida mortgage specialist will be glad to go over the four components of your mortgage payment (PITI) so that you have a realistic view as you begin to finance or refinance a Florida home.

• The amount you have for a Downpayment and closing costs for the purchase of your Florida home: Traditionally closing costs amount to between 4 and 6 percent of the total value of your purchase transaction. The good news: in today's Florida Real Estate market seller paid closing costs are more common than a few years ago. Getting help from the seller on closing costs is possible in most cases.

• The appraised value of the property that you are purchasing or that you are refinancing with a Florida mortgage: The higher than average levels of default in Florida have made Lenders much more conservative than they were even a few years ago. Very few loan products allow for automated appraisal. In nearly every case, the lender will require a full appraisal of the property you are buying or refinancing. We like to order the appraisal for our clients instead of having the lender order it so that we have a copy in case we have to place your loan with a different lender.

• The degree that you have been successful in meeting your past financial obligations as reflected in your credit report: Florida's more conservative lending climate means that your credit report will be a significant factor in determining the amount that you can borrow in nearly every case. That does not mean that perfect Credit is required to get a Florida home loan or get a competitive homeowner Refinance Loan at a reasonable rate.

Here are a three easy ways to estimate how much you can borrow. You may use our monthly mortgage Payment Calculator to see what the principal and interest payments will be for homes in various price ranges. Remember that this Calculator does not include taxes and insurance.

You can use our Quick Inquiry form to have us assist you in getting a rough estimate of your buying power. Or, best of all, you can call one of our Florida mortgage specialists for a free loan consultation on your Florida Home Loan or refinance at 1-813-629-1111.

The second step in getting a Florida mortgage from Capital Lending Corp. is identifying the right Florida mortgage program.

Capital Lending Corp. has access to the products of a huge assortment of lenders, and talking directly with a Florida mortgage specialist is the best way to determine which kind of loan will be right for you.

Much depends on why you are getting your Florida home loan: Are you seeking a home loan to buy a home or refinance an existing home? Are you a Florida First Home Time Buyer?

Are you intending to stay in the property for more than five years? Are you comfortable with payments that could increase during the course of the Florida mortgage or do you prefer the stability of a fixed rate mortgage?

Are you buying an investment property or vacation home?

Do you have any unique circumstances that would require you to get a specialty Florida mortgage?

For example, are you self-employed with income that is not documented on your tax returns? Capital Lending Corp. has excellent Florida stated income mortgages.

Do you want to grow into a payment? Capital Lending Corp. can provide superb fixed rate Florida mortgages with an Interest Only Loan period.

Are you shopping for a waterfront estate home that will make your mortgage larger than Fannie Mae or Freddie Mac mortgage limits for single-family homes in Florida? If so, you will want to investigate our Florida Jumbo and Super Jumbo Mortgage options.

If you are getting the idea that finding the right mortgage product involves the answers to several key questions, you're right. Why not give a quick call to Capital Lending Corp. 's Florida mortgage specialists at 1-813-629-1111 to get started today!

The third step in getting a Florida mortgage is applying for one.

At Capital Lending Corp. we have invested in a secure website with 128 bit encryption to allow our clients to apply for a Florida mortgage online securely.

If you prefer to print the application and fax it to our offices at 1-813-909-2155, we understand.

Our loan representatives will also be happy to answer any Questions you have and take your Florida home loan or refinance application over the phone at 1-813-629-1111. Please fill out your Florida mortgage application as completely and as accurately as possible. To make sure that you have everything necessary to apply for your Florida mortgage, please review our mortgage application Checklist.

Many Florida home buyers apply for a mortgage before they find a house. Being pre-approved for a Florida mortgage has two important benefits for Florida home buyers:

You can be certain you are looking at a home you can Afford.

Your offer to purchase is more persuasive to sellers because your pre-approval letter demonstrates that you have the capacity to close when your offer is accepted.

The forth step in getting a Florida mortgage from Capital Lending Corp. involves getting your loan approved.

The typical Florida mortgage has about a dozen different criteria that a borrower must meet to get funding for a new mortgage. We will assemble the documentation and create a loan package for the lender setting forth how you meet the criteria for the loan. A loan processor will verify the information on your application. Although the exact information to be verified depends on the type of loan, generally, a processor will verify your employment, income, assets, and check your credit so that he or she can render a decision on your loan.

The fifth step in getting a Florida mortgage involves processing the loan.

The property is appraised, title insurance is arranged, and borrowers get homeowner's insurance. At this stage, Capital Lending Corp. will help arrange escrow accounts so that an independent third party can secure the deposit funds while final conditions for funding your home loan are worked out.

The final step in getting a Florida mortgage is the closing and funding of your home loan.

Once the final conditions for getting your Florida mortgage are met (such as having a homeowners insurance policy), you will be cleared to close. In most cases, Capital Lending Corp. loan officers are able to get this clear to close well ahead of your actual closing date. We always make the effort to do so because we want to have time to review the closing statement and loan documents with you before the closing. Your loan officer will set an appointment with you to review your closing documents.

Once all the documents are confirmed and verified for accuracy, you're ready for closing. This is when you will sign the final loan papers. The funds will be dispersed and the documents will be recorded into public records by the title company. If your closing is taking place within driving distance of Capital Lending Corp. s Tampa office, your Loan Officer will be present at the closing. If not, he or she will be available by phone during the closing if there are any last minute questions or issues on your Florida home loan.