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Frequently Asked Questions
When Purchasing a Home
I've never purchase a home before, where should I begin?
Actually, you've already started the process. Fact-finding and reading articles is a great way to become a smart consumer. Check out all of our great free resources including our First Time Home Buyers Guide, our Home Buying Timeline as well as our 6 Common Mistakes to Avoid when Buying a Home. The highest priorities to focus on before you begin searching for specific areas, neighborhoods, or homes would be to:
1. Familiarize yourself with your personal finances.
2. Learn about the Stuart real estate market.
3. Carefully review your budget and begin to eliminate as much debt as possible.
4. Have a down payment and earnest money ready when the time comes to act and make your offer.
Your next step is to contact us. As your home buying specialists, we'll protect your interest and manage the details of the real estate transaction on your behalf to your complete satisfaction. For more experienced buyers, a little brush up on the real estate process wouldn't be a bad idea. Of course, you'll need a really sharp Stuart real estate team to protect your interests too!
1. Familiarize yourself with your personal finances.
2. Learn about the Stuart real estate market.
3. Carefully review your budget and begin to eliminate as much debt as possible.
4. Have a down payment and earnest money ready when the time comes to act and make your offer.
Your next step is to contact us. As your home buying specialists, we'll protect your interest and manage the details of the real estate transaction on your behalf to your complete satisfaction. For more experienced buyers, a little brush up on the real estate process wouldn't be a bad idea. Of course, you'll need a really sharp Stuart real estate team to protect your interests too!
With all of the bad news about mortgage products and home foreclosures, how do I avoid making big mistake when deciding which type of loan to choose?
Once we meet and review your finances along with your home buying needs, you should select a lending consultant. We can recommend several trusted lending professionals or you can choose your own. Having upmost confidence in your lender is important. Be sure you feel completely at ease with them. They should speak to you in easy to understand terms. Ask lots of questions and never sign any document until you know what you are signing and feel completely at ease signing it. More and more lending professionals are recommending fixed interest rate loans and interest rates are still very attractive. Of course, the type of loan best for you depends on several factors. Here are just a few but we also recommend chekcing out our other free resources that elaborate on this a bit more:
a. How much money do you have for a down payment?
b. How long do you plan to live in the home?
c. Do you qualify for a FHA or VA loan?
a. How much money do you have for a down payment?
b. How long do you plan to live in the home?
c. Do you qualify for a FHA or VA loan?
Why should I invest in Florida?
Possibility of financing with low interest rates, increased tourist flow every year, stability and confidence in the American economy.
Is it complicated for a foreigner to buy a house in Florida?
No, it is actually very simple. Foreign nationals will need an ID (passport) and a valid US visa (if not a visa waiver)
Do I need a bank account in Florida? This helps! Wire transfers between accounts of the same ownership dispense translations and other bureaucracies, especially in Brazil. In this case, Brazilian banks will simply ask for the proof of origin of the money (to avoid money laundering linked to terrorism and drug trafficking). Our real estate agents can introduce you to a branch manager of a reputable Florida bank, if necessary, to discuss fees and account services.
Can Foreign National Citizens buy real estate in Florida? Yes, you can! The United States generally treats the sales of real estate to foreigners almost the same as sales to US citizens. There may be a difference related to down payment amounts, however. Most banks will finance no more than 75% of the property to a foreign buyer.
Should I purchase it in cash or should I finance? There are advantages and disadvantage to both options.
Financed:
Advantages:
- Low interest rates (5% to 6% Annual Interest Rate).
- Facility to credit approval.
- Financial leverage.
Disadvantages:
- Additional Closing Costs.
- The financed amount should be at least US$100,000.
- The bank must review and approve the purchase.
- The buyer need to be present at closing.
- The closing within 45-60 days.
Cash
Advantages:
-The closing within 15-30 days.
- Greater bargaining power into opportunities.
- No additional costs (taxes and bank fees) in the property records.
- It allows purchasing on behalf of investment firm avoiding inheritance tax.
- The purchase can be made outside the country.
Disadvantages
- The need of resources available.
What documentation is needed to finance a property in Orlando?
- Letter from employer proving 2 years bond.
- 1 Reference Letter from your bank.
- 1 Reference Letter from Creditor.
- 2 Years of Income Tax Return (or accountant’s statement).
- 2 pay stubs or accountant’s statement.
- Bank Statements for the last two months.
Should the documents be only in English?
Yes, the documents must be translated. Some banks have staff that speak alternative languages and can help you with the preparation of documents. If necessary, you can hire a mortgage broker that can assist you with this process. Translated documents increase your chances of approval and accelerate the home buying process.
Can my realtor in Florida help me with the mortgage approval?
Not necessarily. In the United States, each professional has their own certification. Realtors generally cannot work as a mortgage broker unless they have both certifications.
Can I finance a property in Orlando at any price?
New banks are emerging with different rules so there is flexibility; however, most minimum mortgage amounts are $100,000.00
what are the types of mortgages available in the united states
30 years fixed, 15 years, 5/1 arm fixed rate for the first 5 years.
What is the amortization system for real estate financing in Orlando?
The vast majority of the banks adopt the Constant Payment Loan (PRICE).
How can I simulate the financing of a property in Florida? We recommend you to access mlcalc.com and make your simulation.
Purchase Price
Downpayment
Mortgage Term = (years);
Interest Rate = (%);
Property Tax =(Approximately 1.6% of the property value);
Property Insurance =(0.3-0.5% of the property value);
PMI =(down payment not applicable for 20% or more);
ZIP Code = (Disney area 34747)
First Payment Date =(30 days after the title company) .
Can I pay off the financing of my house in Orlando at any time? Most banks working with Foreign Buyers allows settlement of the debt at any time without penalty.
Do I need a bank account in Florida? This helps! Wire transfers between accounts of the same ownership dispense translations and other bureaucracies, especially in Brazil. In this case, Brazilian banks will simply ask for the proof of origin of the money (to avoid money laundering linked to terrorism and drug trafficking). Our real estate agents can introduce you to a branch manager of a reputable Florida bank, if necessary, to discuss fees and account services.
Can Foreign National Citizens buy real estate in Florida? Yes, you can! The United States generally treats the sales of real estate to foreigners almost the same as sales to US citizens. There may be a difference related to down payment amounts, however. Most banks will finance no more than 75% of the property to a foreign buyer.
Should I purchase it in cash or should I finance? There are advantages and disadvantage to both options.
Financed:
Advantages:
- Low interest rates (5% to 6% Annual Interest Rate).
- Facility to credit approval.
- Financial leverage.
Disadvantages:
- Additional Closing Costs.
- The financed amount should be at least US$100,000.
- The bank must review and approve the purchase.
- The buyer need to be present at closing.
- The closing within 45-60 days.
Cash
Advantages:
-The closing within 15-30 days.
- Greater bargaining power into opportunities.
- No additional costs (taxes and bank fees) in the property records.
- It allows purchasing on behalf of investment firm avoiding inheritance tax.
- The purchase can be made outside the country.
Disadvantages
- The need of resources available.
What documentation is needed to finance a property in Orlando?
- Letter from employer proving 2 years bond.
- 1 Reference Letter from your bank.
- 1 Reference Letter from Creditor.
- 2 Years of Income Tax Return (or accountant’s statement).
- 2 pay stubs or accountant’s statement.
- Bank Statements for the last two months.
Should the documents be only in English?
Yes, the documents must be translated. Some banks have staff that speak alternative languages and can help you with the preparation of documents. If necessary, you can hire a mortgage broker that can assist you with this process. Translated documents increase your chances of approval and accelerate the home buying process.
Can my realtor in Florida help me with the mortgage approval?
Not necessarily. In the United States, each professional has their own certification. Realtors generally cannot work as a mortgage broker unless they have both certifications.
Can I finance a property in Orlando at any price?
New banks are emerging with different rules so there is flexibility; however, most minimum mortgage amounts are $100,000.00
what are the types of mortgages available in the united states
30 years fixed, 15 years, 5/1 arm fixed rate for the first 5 years.
What is the amortization system for real estate financing in Orlando?
The vast majority of the banks adopt the Constant Payment Loan (PRICE).
How can I simulate the financing of a property in Florida? We recommend you to access mlcalc.com and make your simulation.
Purchase Price
Downpayment
Mortgage Term = (years);
Interest Rate = (%);
Property Tax =(Approximately 1.6% of the property value);
Property Insurance =(0.3-0.5% of the property value);
PMI =(down payment not applicable for 20% or more);
ZIP Code = (Disney area 34747)
First Payment Date =(30 days after the title company) .
Can I pay off the financing of my house in Orlando at any time? Most banks working with Foreign Buyers allows settlement of the debt at any time without penalty.