Part 1
Introduction
Overview
Condominium

Part  2
Type of Purchase
Questions & Answers

Part  3
Financing
Bank Requirements

Part 4
Using a Broker
Broker Agreement

Part 5
Purchase Contract

Part 6
Purchase process

Part 7
Cost of Purchase

Part 8
Time to Close

 

   It is usually possible to obtain financing for a portion of the purchase price of a new residence and for investment properties. As an international banking center, Miami-Dade offers many choices of financing for both residential and commercial real estate.  If you are purchasing a residence in Miami-Dade as an additional home, local banks customarily will lend between fifty and seventy percent of the purchase price of the property. Interest may either be fixed over the life of the loan or adjustable in accordance with various market rate indexes such as LIBOR. The costs associated with obtaining a loan may range from three percent to five percent of the initial balance, depending upon the size of the loan. Repayment of the loan is secured by a first mortgage lien which is recorded in the local public records. The term of the loan may range from five to thirty years, depending upon the particular bank, and may require periodic principal reductions or be fully amortized over the life of the loan. Guarantees from your home bank may be required. Most American mortgage loans are payable each month and the local bank can make arrangements for direct payment by your own bank. Local property taxes and insurance premiums are collected in escrow by the lender and paid by the lender on an annual basis. Local banks provide mortgage loans for condominium units in the same manner as for private residences. Some banks require the borrower open a deposit account. Banks typically will require the following information: 

• A letter from your certified accountant or advocate regarding your source of income.
• A letter from your home bank confirming your status as a customer of the bank, your current balance, your average balance and the length of time you have been a customer.
• Credit reference letters.
• A copy of your passport.

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