This section will show you the expected timescales for the house purchase and mortgage application, and what you are expected to have in place.
- Determine what you can afford. (Discuss with one of our advisors)
- Obtain a mortgage pre-approval (Usually takes 24 hours)
- Find a real estate agent
- Find a house and negotiate terms
- Register with a currency exchange company
- Pay 10% deposit within 10 days of signing sales contract
- Appoint Closing Agent, Attorney and/or escrow agent
- Shop for your loan
- Receive your copy of RESPA booklet "HUD Settlement Costs"
- Obtain Good Faith Estimate of mortgage and closing costs (Within 3 days of completing application)
- Loan application is processed (usually around 14 days)
- Appraisal (valuation) is ordered
- Loan approved (usually within 21 days of full application being received by lender)
- Insurances put in place
- 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.
- Close (usually with 45 day of application being submitted)
The whole process should take approximately 30 to 45 days for completing the mortgage application.