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FINANCING DETAILS WHEN PURCHASING A PROPERTY


Before going out searching for a home, you should get pre-qualified for a loan
Pre-qualification process
Shopping for your mortgage is as important as shopping for your home. The rigth loan can save you thousands of dollars.

Before appliying for a loan a lender can determine how much money you can barrow. While it does not constitute a commitment for the lender to make a loan, this process can help you determine the price range of properties to search for.

Once you find the home you want to purchase, you apply for a loan.
Applying for a loan
When you apply for a loan, your lender will review your credit report.

Your credit report will be measured as your credit score. The highest the credit score the better. You will have more options since you will qualify for a greater variety of loan programs at better rates.

What type of mortgage to choose?
  • Fixed Rate Mortgage (Conventional)
  • Interest Only Mortgage
  • Adjustable Rate Mortgage (ARM)

    Before making a decision, you should discuss with with your loan officer what program best fit your needs.

    Down payment vs Closing costs
    Downpayment
    It is money that you give in advance that reduce your loan balance, the biggest your downpayment the less money you owe to the lender.

    Closing costs
    Closing cost are fees involve with the home sale such as lender processing fees, title company fees for handleing all paperwork, local goverment recording fees, and some other fees incurred in the transaction. Tipically the closing costs are 2% to 5% of the home purcahse price.

    Here is a list of main closing cost
  • Attorneys fees
  • Title insurance fees
  • Recording of the deed fees
  • Survey
  • Homeowners insurance
  • Flood insurance (If required by lender)
  • Appraisal fee
  • Service fee (Origination fee on any new mortgage)
  • Documentary stamps on new note (Loan/100 * $.35)
  • Intangible tax on new mortgages( Loan * $0.002 )
  • Credit report
  • Recording of new mortgage
  • Set-up escrow account
  • Re-certification of abstract
  • Processing and hadling fees
  • Other fees

    Do not worry about all fees when buying a property bacause some of these fees can be negotiated to be paid by the seller or can be financed.



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    Marlen Hernandez
    Phone: 786-752-1814
    REALTORŪ
    Florida Real Estate Licensed

  • Florida Realty of Miami | (305) 598-5488 | 9415 Sunset Dr. Suite 236 Miami, FL 33173

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