|
Before You Look at Your First House
Experienced property buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.
Exchange Rate Fluctuations
Lock in the exchange rate BEFORE you start shopping for your Florida home. This way you know exactly how much money you have to spend. Should there be an exchange rate fluctuation (not in your favour) you will not be short of money at the closing table.
Please email me for details on 'locking in' exchange rates.
Open A US Bank Account
I also advise opening a US Bank Account and have at least 10% of the anticipated purchase price in the account. This is easier done in person (than from the UK) with two forms of identification. However, rules and regulations vary from bank to bank. Please contact me for International friendly banks!
|
Here are the questions that each property buyer should ask:
- How much cash is available for a down payment?
- When buying with cash, have at least the deposit in a US bank account. It is difficult to arrange a wire from the UK when you are in Florida!
- The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
- Am I ready to write a check for the earnest money (deposit)?
- The banks will issue you cheques immediately on opening your US bank account.
- Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
- How much additional cash will I need available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.
- Ask your realtor for a Good Faith Estimate of you closing costs.
- What is the maximum monthly mortgage payment that I can afford?
|
|
