Are you a foreign investor and want to acquire a property in Florida?
Foreign people living outside the United States can receive financing facilities to buy a property in Orlando or Miami, as long as they follow the steps properly:
1. Define your purchase
At the time of having your contract with the signed construction company and initial deposit required by the construction company, we begin with the financing procedures.
2. Obtain pre-approval of a mortgage loan
You will have to complete all the application procedures, even if you do not have the house or apartment to acquire. Pre-approval will increase the chances of accepting your offer when you get the ideal property. After you have a house, townhouse or apartment under agreement, the loan will be issued.
3. Choose the right mortgage
Explore all the alternatives and select the one that suits your conditions. Normally, the international buyer can obtain a 30-year fixed-term loan, but some banks grant a 5-year progressive repayment mortgage, which is less strict to qualify. There are several options, so look for the one that suits you in interest rates and monthly payment structure.
4. Find the right lender
Once the type of mortgage is defined, you must detect the lender that has the mortgage plan adjusted to your needs as an international investor. VS INTERNATIONAL PROPERTIES has worked with some lenders that can refer you to obtain a credit in a reliable and successful way.
5. Send your request
Perform the procedures you did in the first pre-approval step again. You will require the same documents, unless you go to the same lender that had granted you the pre-approval.
6. Start the loan evaluation process
In this phase the lender will be in charge of examining your finances, knowing your credit record and determining if your profile is suitable for the type of mortgage. You will probably be asked for more details of the information you have already given and a home inspection will also be done to assess the value of the property.
7. Prepare for the closing process
Once the final approval is received, you must prepare for closing. This involves making the tour of the home, completing closing disclosure forms, obtaining property insurance and property title insurance, as well as preparing a cashier’s check.
8. Close the agreement
The last step is to establish the closing cost and accept the agreement. The closing cost is usually between 2% and 8% of the property price.