financing guide

PRACTICAL FINANCING GUIDE

 

At Emerald Excellence Group, we have alliances with teams specialized in mortgage loans that can offer a variety of excellent financing programs for both local as well as foreign clients. Thus, granting you the ability to choose and achieve the best plan with the best interest rate.  The financing conditions and requirements will depend on the qualification of the client and the current available programs of the lender. Each case is completely different, and there can be different types of characteristics that fit each profile. It is necessary, at all times, to consult with a bank, lender, mortgage loan originator, or mortgage lender, among other financiers, so that they can provide the information corresponding to your case. The following are the most common local and foreign buyer program terms today. This information should not be taken as financial advice.

IMPORTANT DATA

 

 

• Initial purchase between 25-50% (depending on country of origin)

• Initial refinancing: fifty% about the value of the appraisal

• Minimum loan amount of $100,000

• Loans amortized by 30 years

• Fixed interest for 3/5/7 years, depending on the program

• Certificate of deposit 12 months

• debt vs. income (DTI) cannot exceed the 42%

 

PAYMENT TYPES

 

• principal plus interest

• interest only

PAYMENTS FEATURES

 

• Depending on the program, there may be no penalties for pre-payment

• Prepayment penalty for the first three years

PROPERTY TITLE

You can choose to close the loan under either a legal entity [i.e., corporation, partnership, limited liability company (LLC), or other] or under your personal name.

 

5 MISTAKES YOU SHOULD AVOID WHEN BUYING A PROPERTY WITH FINANCING

 

 

1. Use a third party for the initial deposit

2. Not being able to justify/demonstrate income in your personal account

3. Withdraw money from accounts during the financing process

4. Not be aware of the expiration date of your personal documents

5. Not taking into account the closing date to start the financing process

 

STEPS TO MAKE A PURCHASE WITH FINANCING

 

 

• Bank pre-qualification

• get the property

• Execute a purchase-sale contract

• Loan application

• property appraisal

• Bank commitment period: 30 days

• Protocolization: 45 days

 

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