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Mortgages in the
USA
One of the most
popular places to
buy a holiday home,
without a doubt
is Florida. The
rental yields available
make this an excellent
choice for investors.
When anyone thinks
of Florida's main
attractions, they
think of Disney.
If you ask anyone
where the World
Capital of Theme
Parks is located,
the answer will
likely be the same
- Orlando. Over
20 Million visitors
a year voted with
their feet to come
here for the theme
parks and attractions
last year.
Although the Magical
Kingdom is a wonderful
place, Florida has
so much more to
offer! Sea World,
Discovery Cove,
Splendid China,
Daytona Beach and
Cape Kennedy Space
Centre, to name
just a few.
With America being
such a large Country
there are so many
options to look
at when purchasing
property here. More
and more people
are looking into
other States, which
all have something
different to offer.
Mortgages are fairly
straightforward
in USA and if you
can provide full
documentation to
support your application
you will normally
be offered a better
interest rate. With
“no docs”
being the preferred
option for many
investors, there
are great rates
available providing
you can put down
a 30% deposit.
Obviously everyone
is different and
what may suit one
person, will not
be sufficient for
another, this is
where the broker
comes in. They can
walk you through
the maze and help
you find a suitable
solution.
Anyone purchasing
will be required
to obtain a sales
agreement for their
chosen property
and should then
be provided with
a “Good Faith
Estimate”.
This will give details
of all costs they
will incur for obtaining
a homeloan along
with the closing
costs, local taxes
and escrows etc.
Some lenders may
require you have
at least 6 months
mortgage payments
(reserves) in a
US Bank Account.
As a rough guide
you may borrow a
maximum of 80% of
the property value
in Florida and only
70%-75% elsewhere
in the States, if
you are a non-resident.
The property will
normally be considered
a 2nd home, even
if you are planning
to rent it out.
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