South Florida Hot Properties

South Florida Hot Properties Professional Realtor

Palm Beach County ranked among the top 3 cities with highest number of out-of-state movers in 2017,Palm Beach County ran...
08/29/2019

Palm Beach County ranked among the top 3 cities with highest number of out-of-state movers in 2017,

Palm Beach County ranked among the top 3 U.S. cities that received the highest number of out-of-state movers in 2017, according to the most recent data from the Florida Department of Economic Opportunity:

Buying a home is more than just waking up one day, deciding to look at houses. Buying a home is something that takes mon...
08/22/2019

Buying a home is more than just waking up one day, deciding to look at houses. Buying a home is something that takes months, if not years to plan for and build up to.

Something that can harm most first time home buyers, or any home buyer, is a poor credit score! A credit score is three little numbers with a big meaning. Our score is what tells others about how we deal with debt and how we are with our money. Even people that have the income, who make every payment in cash can have a poor credit score.

Most people don’t give their credit score much of a thought until they need to make a big purchase or take out a loan. For most of us, a home is the largest investment that we will ever take a loan out for.

When it comes to financing, a low credit score could cause:
• Higher interest rates
• More time needed to approve
• Require more proof of income
• Need to have a bigger down payment
• Option of no financing at all

Don’t be caught in the stress of trying to buy a home with bad credit… start improving your credit today with these tips:
Score- First things first, you need to see what your credit score is! If you haven’t checked your score in years, you might be in for a big surprise.

Fees- According to the federal government, you are allowed 3 free credit checks a year. You can get this information online, but beware, many sites (not federally ran) may try to charge you for this report. Don’t fall victim to their trap!

Balance- While knowing your score might be the first step, but this tip is easily the most important. Paying down what balances you have on all open credit cards is the biggest step in getting a better credit score. It is okay to use one of your open cards, but always make sure to keep your monthly balances as low as possible.

Pay On Time- If you really want to boost your score, this is the best way to do it! While it may be easier said than done, it is important to make sure all payments to every credit card and loan you have are done on time.

Card Usage- As we said above, pay off all your credit cards…But don’t close any of them until you have applied for your mortgage. Sometimes closing cards can have a slightly negative effect on your credit. Paying off cards but keeping the line of credit open can make your mortgage chances better

Open new accounts- opening a new credit card can improve your credit score! If you don't make any new purchases on your credit cards, including the new one, your overall credit utilization will drop and your credit score could increase. ​

Big Buys- Don’t make any other huge purchases before you apply for a home loan. This includes going on a large vacation, buying a car or any other large ticket item. Large charges can make your credit look weak.

Planning- Changing your credit score is not something you can do overnight. Credit repair can take months to repair. So be patient and plan ahead!

08/22/2019

What you should know about financing a property

If you're considering buying a home in south Florida, either as an investment, vacation home, or permanent residence, it's important to consider the terms and conditions of getting a mortgage loan. Many financial institutions offer mortgage loans, from local and national banks to online financial institutions and private lenders.

Getting Approved for A Mortgage Loan

With low mortgage rates (ranging between 4.5 and 6%) many buyers choose to finance their purchase.

The following are some of the most common factors that influence the terms and conditions of the loan:
1. Your nationality
2. Legal status in the United States
3. Your credit history (if you have one)
4. Your income and bank accounts

Requirements for getting a mortgage as a foreign national:
1. An entry visa is required, depending on the buyer's nationality. All non-resident foreign buyers must submit a copy of their passport with a valid tourist visa (B-1 or B-2).
2. At least 20% to 30% of the value of the property as a down payment.
3. At least 30% to 50% of the value of the property as a down payment for condominiums.
4. Proof of income:
· Bank statements
· Reference letters from your bank or credit institution
· Two forms of identification

Borrowing Costs
The costs of obtaining a loan vary from institution to institution and depends upon the services of a mortgage broker, if you are using one.

You can use the following guidelines:
1. Getting a mortgage loan directly from a local bank tends to be cheaper. However, it will be limited to that institution's specific financial products.

2. Hiring the services of a mortgage broker is very common and, despite usually being more costly than going directly to a financial institution, you'll have a much wider range of options.

3. The interest rate varies. The interest rate you’ll be offered depends on your credit history, monthly income, debts, type of property, and bank accounts. If the client doesn't have an established credit record, they will be required to pay a higher interest rate or be required to increase the down payment

4. The down payment varies, depending on:
a. The type of property that will be purchased:
i. Single-family home has the lowest down payment (usually 10% to 20%)
ii. Townhouses require a 20% to 30% down payment
iii. Condominiums requires the highest down payment (typically from 40% to 50%)

Accountant
i. Foreigners with no established credit history are required to pay a 30% down payment. This payment increases depending on the home country risk.

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