“The universe of mortgage lending has gotten to the point where there is a place in it for everybody.” –Joe Mays
Are you getting ready to purchase a home, and looking for expert advice about the wide-range of mortgages available to home buyers? Or are you an existing property owner, interested in obtaining funds for other reasons?
A mortgage is used as a type of legal document to help develop funds to purchase real estate. More specifically, it is an agreement with an a bank where money is lent with accruing interest. These funds are given in exchange for the bank obtaining a priority lien against the borrower’s property. The lien against the property will be satisfied and released once the debt is repaid in full.
Purchasing property is one of the largest financial commitments you may ever make. Before you begin to arrange your mortgage, consult with a Real Estate Attorney, such as Kadoch Law Group for expert mortgage advice and support throughout your buying and selling process in Florida. Kadoch Law Group has highly experienced staff that will prepare you and simplify the process of securing funds during your home buying journey.
Before beginning the mortgage process it is important to determine how much funding you will need and what you can afford. There are various mortgage tools to help you calculate how much your payments could be in the present time, and what it could change to if interest rates increase. Once you decide on these amounts, the next step would be to inquire about your borrowing eligibility. This will help you to confirm whether or not you are able to borrow money, and if eligible, how much. After this first step, it is beneficial to compare mortgage rates and decide on the type of mortgage that works best for you.
Every state has different rules and regulations for mortgages, which can vary for residents and non-residents. One question often asked is, “What happens if I sell my property after obtaining a mortgage?” A mortgagor is entitled to sell their property if it is still being used as security and if the seller is responsible for the payment of the outstanding loan at the time of the closing.
If you are interested in buying or refinancing a property in the state of Florida, there are various loan options available. Most property loans run for approximately 30 years but this can be a longer or shorter time frame. Mortgages are usually available with loan to value ratios of 65-95% of the property’s value…with a term of up to 30 years.”
Ready to learn more about mortgage options in Florida? Why settle for less when you can get an experienced attorney on your team?
If you are looking to buy a house, are having problems with your tenant, or are simply trying to find someone to navigate your contracts and simplify the buying and selling phase for you, give us a call and we will provide the best possible service to you as we do with all of our clients!