- Appraisal: A supported, written estimate of the value of
property rights as of a given date.
- Courier Fees: Fees for express mailing loan packages.
- Credit Report: Financial report on borrower.
- Discount Points: Percentage of mortgage amount to adjust interest rate as required by lender.
- Doc Prep Fees: Document preparation and administration fees as required by lender.
- Doc Stamps on Note: FL tax required on executed notes whether a new or assumed mortgage.
- Home Inspection: To flush out any existing or potential problems on major systems of the home such as electrical, plumbing, air conditioning, heating or roofing, and also on appliances being conveyed in the transaction.
- Homeowners Association Fee: Monthly, quarterly or yearly homeowners service assessment fee.
- Homeowners Warranty: Home protection coverage on major systems and built-in appliances.
- Intangible Tax: FL tax required before a mortgage is recorded, except on an assumed mortgage.
- Mortgage Assumption Fee: To transfer the loan into buyer’s name.
- Mortgage Insurance Premium: Insures the lender for amounts in excess of 80% against borrower’s default.
- Origination Fee: A fee to lender to originate the loan.
- Recording Fees: For recording the closing documents at County Recorder’s Office.
- Survey: To outline exact boundaries of the property and search for encroachments.
- Tax Service Fee: Fee for handling the payment of taxes to the proper taxing authorities.
- Termite Inspection: To determine if the home has infestation of termites, powder post beetles, or other wood destroying organisms or fungi.
- Ttle Insurance for Lender: An insurance policy for the lender guaranteeing a clear and marketable title.
- Underwriting Fee: A fee charged for underwriting the loan as required by lender.
Expect the lender to conduct a detailed review of the borrower's income and asset documentation for both U.S. residents and foreign buyers, however, a foreign buyer is required to establish a bank account in the United States and make a deposit of the down payment amount into that account in order to obtain a mortgage. The interest rate will be slightly higher with a foreign buyer than those for U.S. residents, and like U.S. residents, foreign borrowers are charged closing costs on a mortgage which will include lender and third-party fees. Mortgage lenders are also tougher on a second-home loan application than on a primary-home loan. The second-home loan rate is traditionally one-quarter to one-half point higher than those for first residence, and the same is true for origination points.
How To Get A Home Loan in Central Florida, Manatee or Sarasota County
Website Designed by Tami Beckel of Seashells By The Seashore, LLC for Real Estate Places 2012
There are different tax situations to consider when buying a first or a second home and securing a mortgage:
Through-out this entire process your mortgage lender will be verifying your past and current credit and will re-verify this information again just prior to closing, so here are some important factors to remember...
Use the Zillow mortgage calculator above to help you determine your monthly payment. Insert the home price, downpayment, and loan type then click on the "Advanced" button which will take you to the Zillow Mortgage Calculator. Be sure to adjust the current interest rate and click again on the "Advanced" button to enter in the property taxes, home owners insurance and any homeowners association dues.
We can advise Buyers throughout the entire mortgage process!
Text or Phone Real Estate Places: 941-587-4881
- Is this a primary home for your family?
- Is this a second home to rent out to others as a long-term rental?
- Will you use your second home on occasion then rent to others when not in use?
- Do not change employment without first consulting your mortgage broker/banker
- Avoid adding new charges to your credit cards prior to closing
- Do not take out any additional loans prior to closing
- Be sure to make all monthly debt payments by the due date
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5629 Windy Way
Bradenton, FL 34203