Overseas buyers in particular may find that the process of obtaining a mortgage to finance the purchase of a vacation home is quite different from in the UK, for example.

The procedure is more formalized, with less opportunity for the lender to apply any discretion. If the numbers add up, financing is straightforward. If they don't things can get more complicated.

Property financing is often based on long term loans, commonly 30 years. This is not dependent in any way on the age of the purchaser. In the USA, the loan is considered as being attached to the property rather than to the borrower.

The first stage in working towards financing a purchase is to discuss terms and qualification, either with a mortgage broker or directly with a potential lender. There are two distinct processes here:

1. Pre-qualification. The borrower does not need to produce any evidence to support the financial information he offers.
   
   
2. Pre-approval. The lender will ask for suitable documentation to support a firm offer of a loan.

Mortgage Providers

The following major banks are able to provide mortgage services.

Wells Fargo Bank. Contact:

Missy Miller Edmunds
Wells Fargo Home Mortgage
(407) 659-6834 Tel
(407) 928-8551 Cell
(866) 493-3576 Fax
Melissa.M.Edmunds@wellsfargo.com
http://www.wfhm.com/missy-miller

SunTrust Bank. Web site

Bank of America. Web site

Canadian Buyers: RBC Centura