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Here are some common
Mortgage Questons

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Frequently Asked Questions

Here are answers to some commonly asked questions. If you have questions that aren't listed, contact us at 1-561-320-3777. You can email us at .

A citizen or legal resident of a nation other then US, and US citizen living and deriving income in the other country and applying for the loan in the US, is considered a Foreign National Borrower.

Second homes, vacation or holiday home, investment, buy to let and commercial properties can be purchased by foreign nationals.

Fixed and adjustable rate residential and commercial loans are available. Terms are 10, 15 or 30 years fully amortized or interest only loans.

As little as 10% down payments are possible. However, at the present time 20% to 30% down payments is the minimum.

Historically low interest rates in the range of 3.25% to 5.875% are available.

Closing cost or legal cost as it is called in some countries is the same for US citizens and international buyers. They are approximately 3% of the purchase price.

Approximately 30 to 45 days is needed to obtain and close the loan.

Full doc: Foreign National Borrowers must derive their income from another Country, and their income must be verified via our U. S. Quality Control Procedures. Stated Doc: Foreign National Borrowers accountant or employer must state borrower’s income in writing for the past two years and yers to date.

No. Transaction can be closed thru POA (power of attorney) where the borrower designates someone else to close for him or in certain cases it can be a mail away.

Yes. Borrowers with (A, All of E, F 1, All of G, All H (except H4), All of I, All of J, K1, K3, All of L, M1, NATO, All of 0, All of P, All of Q, R1, S5, S6, All of T, All of U, V1) type of visas maybe able to qualify under foreign national guidelines.

No. The countries that are in the Visa Waiver Program are are not required to carry a US visa to apply for the loan.

Andorra, Austria, Australia, Belgium, Brunei, Canada, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Japan, Liechtenstein, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, San Marino, Singapore, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom (For citizens with the unrestricted right of permanent abode in England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man) Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Slovak Republic and South Korea.

Yes. Unless the borrower is also a US Citizen or Permanent Resident.

Any of the following US visa's would qualify: (B-1, B-2, H-3, I, J-1, J-2 or R-1)

Yes. At the present time only the rate and term loan refinancing program is available, as a cash out refinancing is not allowed.

A condotel (condo hotel) is a residential real estate building a combination of a condo and hotel building. Condotel combines elements of condominium ownership with the amenities often found in luxury hotels. A condotel will have a front desk staff that manages or oversees nightly rentals and daily housekeeping service. The condotel owner may lease the unit while not in use.

It shouldn't be a problem. There are many programs available today that require less than 5% down payment. The best thing to do would be to call us and we can find the right program for you.

Yes, the different types of loan programs being offered are changing every day. We find the best loan scenario for all of our clients. Unlike big banks that are restricted to using loan programs and rates being offered at that time by the bank, we have access to many lenders. What we do is find the lender that best fits your needs. Call us today and let us show you what we can do for you.

Yes you can. However, the rules regarding this issue are constantly changing. Your best bet would be to contact your accountant. Your accountant can inform you of your best options in regards to this.

With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20 or 30 years. A number of variations are available, including five- and seven-year fixed rate loans with balloon payments at the end. With an adjustable rate mortgage (ARM), the interest rate fluctuates according to the indexes. Initial interest rates of ARMs are typically offered at a discounted ("teaser") interest rate lower than fixed rate mortgage. Over time, when initial discounts are filtered out, ARM rates will fluctuate as general interest rates go up and down. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan. A number of variations are available for adjustable rate mortgages, including hybrids that change from a fixed to an adjustable rate after a period of years.

It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on: the interest rates and mortgage options available when you're buying a house your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next five, ten or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM's teaser rate will adjust up soon and you won't gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.

Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 22% and you've made timely mortgage payments. The Servicing Lender will have the requirements for canceling the mortgage insurance.