Mortgage Process for Foreign Nationals

The process to get a home mortgage is a very basic one. It just requires some specific documentation and proof of income as well as of assets.

Even though, your mortgage lender will provide you with a list of required documentation, we have included in this page the most common documentation being required.

The mortgage process has six easy steps:

1- A mortgage broker talk to you – in person or by phone – and learns of your personal situation and what you want for your loan. The lender then shows you a few different alternatives and you choose the one you prefer. Once you choose the best option, the lender helps you fill out a mortgage application.

2- You send the required documentation  to the lender

3- The lender prepares a mortgage package to send to the underwriter – the individual who authorizes the loan. In addition, the lender asks for an appraisal of the property to find the value of the home. It also asks for a title report to ensure that you will get a clear title of the property without any legal issues.

4- The lender sends the complete documentation to the underwriter who ensures that the information provide is accurate. The underwriter will normally contact your employer to verify employment and wages or your accountant –if you are a business owner.

5- Once the underwriter approves the loan, you will receive a letter with the precise conditions of the loan and the closing date. As soon as the lender receives the confirmation, it sends the entire package to the title company so that it can organize the closing of the loan. 

6- You sign on the loan and get the keys of your new home 

Needless to say, the mortgage lender will assist you during the entire application process and show you examples of the required letters and documentation.