Buying Guide

This section will show you the expected timescales for the house purchase and mortgage application, and what you are expected to have in place.

  1. Determine what you can afford. (Discuss with one of our advisors)
  2. Obtain a mortgage pre-approval (Usually takes 24 hours)
  3. Find a real estate agent
  4. Find a house and negotiate terms
  5. Register with a currency exchange company
  6. Pay 10% deposit within 10 days of signing sales contract
  7. Appoint Closing Agent, Attorney and/or escrow agent
  8. Shop for your loan
  9. Receive your copy of RESPA booklet "HUD Settlement Costs"
  10. Obtain Good Faith Estimate of mortgage and closing costs (Within 3 days of completing application)
  11. Loan application is processed (usually around 14 days)
  12. Appraisal (valuation) is ordered
  13. Loan approved (usually within 21 days of full application being received by lender)
  14. Insurances put in place
  15. Closing documents are couriered to you in your home country and you have them notorised and couriered back. Alternatively, these can be signed in the USA in person or via a Power of Attorney.
  16. Close (usually with 45 day of application being submitted)

The whole process should take approximately 30 to 45 days for completing the mortgage application.

Detailed information on the above process can be found in the "HUD Settlement Costs" booklet, and the "HUD Consumer Handbook", both of which are available to download.