South Florida Mortgage Lenders Miami Broward Palm Beach. A&D Mortgage is a lender you can trust to provide you competent, ethical and reliable service. Our professional operations staff and loan officers are both knowledgeable and experienced. We pay close attention to our borrower’s financial needs and work diligently to provide them with the proper solution. We make sure that each and every client is fully aware of the loan process and keep them totally informed from application to closing and ensure that their experience with A&D Mortgage is a positive one.
Obtaining a loan for a real estate in USA for Foreign Borrowers
Mortgages are approved for terms up to 30 years. For the first 3-5 years the interest rate is fixed, thereafter the rate will change in accordance with the LIBOR (London Inter-Bank Offered Rate) index. It usually takes from 30 to 45 days to close. In order to obtain a mortgage a 30% down payment of the purchase price is required. Mortgages may also be issued to a U.S. Corporation or LLC as well as to an individual.
Items required to obtain a mortgage loan.
- An account with an American Bank with sufficient funds for the down payment, transaction funds and any reserve requirements. All the funds should be totally transferred to your American Bank account. Only after these funds are transferred can you then move money for escrow to an attorney or developer.
- A recommendation letter from your bank, it is required that your account is open at least two years.
- Borrower must have sufficient funds in their home country relative to their income.
- A letter indicating your income should be provided from the following: (1) if you are a self-employed business owner, a letter from an independent accountant or auditor that is not related to your business in any way.
- Additionally, it would be advantageous if the business has an Internet web page; if you do not have a web site then it will be necessary to provide company marketing material such as brochures or catalogs. (2) If you are an employee, a letter from your employer is required.
- You will also need to provide copies of utility bills from your country which indicate your name and address of your residence. For example: rent, telephone, water, electric or gas bill.
- Prior to processing your mortgage loan file, it will be necessary to pay for the cost of an appraisal (Property Evaluation), document translation to English if necessary. This will cost between $350 and $1500 depending upon the purchase price of the property.