While some people choose to pay cash for their Florida property, others choose to obtain a mortgage, and there are many banks willing to lend to every sort of buyer, American or overseas.
Understandably, those lending to overseas buyers have specific criteria which is different to that for domestic buyers.
There are many types of loan available such as fixed-rate or variable (floating) rate. Loan terms tend to be 30 years, and lenders will typically advance between 50% and 80% of the property’s value, depending on the type of property and the buyer’s country of residence.
The Realty People will introduce you to a mortgage specialist to discuss the most suitable options, and arrange a pre-approval with a lender. While this is not a guaranteed loan, it does demonstrate to sellers a clear indication that you have the funds available to complete the purchase and helps you secure a much better deal.