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Loyalty, Confidentiality, and Integrity in Florida Real Estate

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Introducing Florida


What would be worth to know about mortgage?

Interest rates:

  • MTA ARM: Fixed interest rate for one month, thereafter rate may change monthly. This type of the mortgage can be and most probably will have a negative amortization!
  • 1/1 ARM: Fixed interest rate for 1 year, thereafter rate may change once per year
  • 3/1 ARM: Fixed interest rate for 3 years, thereafter rate may change once per year
  • 5/1 ARM: Fixed interest rate for 5 years, thereafter rate may change once per year
  • Fixed rate: Interest rate will stay the same for the term of the loan

Please be advised that variable interest rates (ARM) are lower than the fixed rates, however, so if the client is not planning to hold the property for more than 1-5 years, it is advisable to choose one of the ARM rates mentioned above

Property occupancy:

Purchasing an owner occupied property will get the “ best terms”, and the investment property will cost a bit more on the mortgage side.

  • Owner occupied
  • Second Home
  • Investment

Title Vesting:

Property can be purchased with different ownership rights, but will not affect the mortgage terms.

  • Individual
  • Joint
  • Family Trust
  • Corporate (owner of corporation is responsible for mortgage)

Financial Requirements:

  • Down payment: 30-40% of purchase price (depending on property type and lender)
  • Closing coasts: approximately 5%
  • No verification of Assets: If bank statements of a US Bank account showing sufficient funds to cover down payment + closing coast and 6 months reserves of PITI (Principal, Interest, Taxes, Insurance) deposited in the account at least 60- 90 days prior to closing.

Business funds:

May be used when evidence shows Borrower owns 100% of the business and has access to funds.

Gifts: not permitted

  • Payable upfront: Bank appraisal, survey and termite inspection fees (approximately $775), which are necessary for all loans, and protect the interest of the buyer. The appraisal estimates the real value of the property, thereby determines if the property really worth the sales price.
  • Many times these inspections coast less than estimated, and the remaining of the $775 will be funded back to the buyer.
  • Homeowner’s Insurance paid upfront for the first year (many times it can be paid at closing and included in the closing charges)


All documentation must be translated to English and all currency converted to U. S. Dollars:

  • Legible copy of valid passport and visa
  • Employment verification

Salaried: Letter from employer on company letterhead (including company’s name, address and phone number), stating number of years employed (minimum of 2 years), position, annual income in U. S. Dollars.

Self Employed: Letter from Independent Certified Public Accountant, on CPA’s letterhead, stating borrower’s company’s name and address, annual income U.S. Dollars.

  • Credit Criteria: 1-3 credit reference letters (depending on lender’s requirements) from the country of origin (at least one of them must be from a bank. Most lenders require only one letter from a financial institution, and accept other reference letters from friends and co-workers as personal references.

Prepayment Penalties:

Please be advised that some loans will have a pre-payment penalty for 1- 3 years, which means that if the buyer pays off the loan during the first 3 years, prepayment penalties my apply.

However, it is also important that some lenders have a “soft prepayment penalty”, which means that if the buyer sells the property, he/she does not have to pay a penalty, (there is only a penalty if he/she just pays off the loan but keeps the property.)

Nevertheless, it is important for us to know in advance if the client is likely to sell the property before 3 years, so that we can provide a loan without a prepayment penalty if and when it is possible to do so.