Mortgage Process

1. The Application

The key to the loan process. Using verifiable information you provide us, we work to obtain approval of your purchase loan.

2. Ordering Documentation

We order a full credit report, verification of employment verification of funds to close, mortgage or landlord ratings, and any other necessary supporting documentation. If you have a property already identified then an appraisal report is ordered and a preliminary title report is requested as well.

3. Good Faith Estimate and Truth In Lending Disclosure

We are required to prepare for you a Good Faith Estimate and Truth In Lending Disclosure within 3 days of the application submission. Loan Processor and Loan Submission: After receiving the necessary supporting documents, the loan processor works to verify and reconcile the information and assure that the application is complete.

4. Loan Submission

If the loan package is complete, the Loan Processor submits to the underwriter for approval. The underwriter reviews your credit payment history and credit score, job stability, income ratios, down payment, closing cost, cash reserves and property appraisal.

5. Loan Approval

Once the loan is approved, we are ready to close escrow providing the property is ready and has met the terms of the sale contract. At this time escrow is informed of the loan approval status.

6. Funding

After all parties (You and the Seller) have signed the closing documents, they are returned to the to the lender for review of the complete package. If there are no further issues, then funds are wire transferred to escrow allowing completion of the transaction.

7. Recordation

When escrow receives the funds from the lender, the necessary documents are delivered to the county recorder's office. Recording is the time that your purchase is complete. All funds distributed to the involved parties and escrow is officially closed.

8. You now own your new home

Important Notes:

The property serves as collateral for the loan. The lender will require an appraisal by a certified fee appraiser to ensure there is sufficient collateral. The underwriter will assess the marketability, condition, and value of the home.

Most loan programs mandate that funds must be in your account for at least 3 months. Typically, a minimum of 5% of the down payment needs to come from your own funds. The remainder can be a gift from a relative, provided a gift letter and a bank statement showing the donor's ability to give are also supplied.

Income ratios are calculated based on your gross monthly income (before taxes). Bonuses, overtime, part-time, or self-employment income must be likely to continue and is averaged over the last two years. The Principal, Interest, Taxes, and Insurance (P.I.T.I.), plus Mortgage Insurance if applicable, is divided by the gross monthly income to determine the top ratio. To get the bottom ratio, the PITI and all other debts are added together and divided by the gross monthly income. The required ratios vary based on the Loan To Value (LTV) or the size of the down payment. Special programs may allow you to purchase a home with very little money, less-than-perfect credit, and unverified income.

What Our Clients Are Saying

Florida State Mortgage Group, Inc.

5.0

Based on 30 reviews

Write a review

AUWAL ADAMU H.

15:26 28 Sep 23

I can't thank Steve at Florida State Realty Group enough for helping me purchase my Fort Lauderdale condo. He made the entire process smooth and efficient. Highly recommended!

Nkechi G.

15:13 28 Sep 23

Betty at Florida State Mortgage Group is a true professional. She helped me invest in a great property in Fort Lauderdale. Her expertise and dedication are top-notch. I couldn't be happier.

Art K.

15:30 27 Sep 23

Once our regular bank delayed our loan application, we became exceptionally nervous. We were in jeopardy of not only losing our new home but our deposit. We are eternally grateful that we were referred to Steve McWilliam. We had initially Googled Fort Lauderdale Mortgage Broker and he was the number one mortgage broker but we had already started the process with our local bank which was a horrible experience and mistake. We can highly recommend Steve as he delivered above and beyond what we had expected.

Harry K.

20:07 15 Sep 23

Stephen is an expert in this bussiness.Excellent attention, fast respond to all our questions.

Scott M.

02:17 22 Oct 22

Steve and his team did a fantastic job with my loan and I would highly recommend! They are extremely knowledgeable and professional and will certainly use them again! I have had a few other friends use Steve and they all have positive things to say. 5 stars!

Isabel E.

13:54 08 Oct 22

Stephen and Betty over delivered not only my needs in securing a loan to purchase my dream house but we’re profferesional and courteous every step of the way. I am blessed to have had met them. Thank you GOD

James B.

03:11 20 Nov 21

From my first call to Steve Mc William to the second we closed, it was the best service ever. I felt as if I were their only customer. Everything was top notch and professional.

Stephen B.

15:59 19 Nov 21

J C

21:36 13 Nov 21

Mr McWilliam was extremely thorough and informative. He even provided excellent advice on some other non related mortgage questions I had. He listened carefully to my goals and provided me with the best product for my financial situation. I have never met any one so thorough. Thank you.

Crystal T.

14:04 12 Nov 21

angelo C.

21:26 08 Nov 21

Linda R.

19:27 18 Jan 21

Steve did a great job on our refi. Thanks for making it happen.

Crystal T.

12:15 30 Jul 20

Steve and his team at Florida State Mortgage Group, Inc. went above and beyond to help me get my mortgage for our families new home. Steve is very professional, experienced, and the company offers excellent customer service. I highly recommend anyone in the need of a mortgage to contact Florida State Mortgage Group, Inc.

Lana M.

16:22 13 Feb 20

Stephen McWilliam was an amazing person to deal with. Our deal was pretty complicated on all aspects and he was so professional, he got it done !!! Thank you so much for all the hard work you put into this deal!!!

Erica Bethe L.

16:21 22 Jan 20

Working with Steve and Florida State Mortgage Group was singlehandedly the best and most seamless part of buying our home. I could not recommend them more highly.

Charlie C.

14:45 14 Jan 20

Stephen went above and beyond to help me in my situation. Thank You 👍

Brian M.

15:02 13 Jan 20

Steve did a wonderful job securing a mortgage for me based on the parameters I gave and seeing everything through to completion. No hiccups for me along the way in a process that can be very painful if not managed well.

Shannon D.

01:34 12 Jan 20

Steve and the team at Florida State Mortgage Group are exceptional. I was looking for a townhouse for my family when Steve and his team were referred to me. Florida State Mortgage Group showed me I could easily afford a single family home. Steve handled everything from providing a list of homes, securing the home loan, insurance options and closing.I’ve referred Florida State Mortgage Group to friends and family. Each person has experienced the same level of knowledge and quality of service.5 STARS

Florida G.

19:08 11 Jan 20

I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.

Michelle V.

17:20 08 Jul 19

I worked with Betty to buy my first house here in South Florida and I could not be happier! She was amazing. She was always available to answer my questions and she was very patient. She was extremely knowledgeable, even getting me approved for a HUGE tax exemption I will receive annually . She always had all the paper work ready on time and explained everything in detail. I could not image a better agent. I'm SO glad we made the decision to work with her. Thanks Betty!

Justin P.

16:01 08 Jul 19

Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!

Ganel A.

00:59 26 Feb 19

you guys are doing a great job keep it up.

Mike H.

17:15 20 Feb 19

Natalie R.

20:59 12 Feb 19

We had a great experience with Florida State Mortgage Group. Would recommend them and will use them again in the future.

Sean Z.

18:28 05 Feb 19

Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He’s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.

Scott Y.

17:42 04 Feb 19

The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.

Mike M.

03:25 03 Feb 19

Knowledgeable, Professional and results oriented!!

Hugh B.

19:22 02 Feb 19

If your looking for a highly professional, easy to work with and lightning fast mortgage team, then Florida State Mortgage is for you.I wouldn’t go anywhere else for my mortgage needs.Hugh B.Davie, Florida

Madison C.

00:53 30 May 18

They were a pleasure to work with and they helped us get through the financing of our first home in Florida. Highly recommended!

Peter P.

07:26 22 Feb 18

They helped me get a loan for my first-home purchase. At first I wasn't sure what to expect working with them, but they quickly put those worries to rest! They were very patient with us every step with professionalism.

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Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

AUWAL ADAMU HUSSAIN

15:26 28 Sep 23

I can't thank Steve at Florida State Realty Group enough for helping me purchase my Fort Lauderdale condo. He made the entire process smooth and efficient. Highly recommended!

Nkechi Godwill

15:13 28 Sep 23

Betty at Florida State Mortgage Group is a true professional. She helped me invest in a great property in Fort Lauderdale. Her expertise and dedication are top-notch. I couldn't be happier.

Art King

15:30 27 Sep 23

Harry Kreisberger

20:07 15 Sep 23

Stephen is an expert in this bussiness.Excellent attention, fast respond to all our questions.

Scott Mason

02:17 22 Oct 22

Isabel Echeverry

13:54 08 Oct 22

James Basile

03:11 20 Nov 21

From my first call to Steve Mc William to the second we closed, it was the best service ever. I felt as if I were their only customer. Everything was top notch and professional.

15:59 19 Nov 21

21:36 13 Nov 21

14:04 12 Nov 21

21:26 08 Nov 21

19:27 18 Jan 21

Steve did a great job on our refi. Thanks for making it happen.

Crystal Torres

12:15 30 Jul 20

Lana Mihova

16:22 13 Feb 20

Erica Bethe Levin

16:21 22 Jan 20

Working with Steve and Florida State Mortgage Group was singlehandedly the best and most seamless part of buying our home. I could not recommend them more highly.

Charlie Crusher

14:45 14 Jan 20

Stephen went above and beyond to help me in my situation. Thank You 👍

Brian Mosher

15:02 13 Jan 20

Shannon Dameron

01:34 12 Jan 20

Florida Guy

19:08 11 Jan 20

I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.

Michelle Vantine

17:20 08 Jul 19

Justin Pyka

16:01 08 Jul 19

Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!

Ganel Appolon

00:59 26 Feb 19

you guys are doing a great job keep it up.

Mike Heller

17:15 20 Feb 19

Natalie Rodriguez

20:59 12 Feb 19

We had a great experience with Florida State Mortgage Group. Would recommend them and will use them again in the future.

Sean Zamora

18:28 05 Feb 19

Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He’s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.

Scott Yankton

17:42 04 Feb 19

Mike McGraw

03:25 03 Feb 19

Knowledgeable, Professional and results oriented!!

Hugh Bruder

19:22 02 Feb 19

Madison Cantrell

00:53 30 May 18

They were a pleasure to work with and they helped us get through the financing of our first home in Florida. Highly recommended!

Peter Parkson

07:26 22 Feb 18