A non-resident of Florida is able to get a mortgage for
up to 80 % of the price of a property. There are a number of different types of loans available on the market. The period of loan repayment is
15, 20, or 30 years. Interest rates are either fixed (the rate remains the same throughout the period of repayment) or adjustable (the rate may change after 1, 3, or 5 years of repayment). Interest rates range from
1 % to 6 %. Mortgages can also differ according to the regulations for early settlement or for accelerated settlement, etc
Documents usually required by a bank in Florida when entering into a mortgage contract:
copy of passport and driving licence
extract from bank account which proves sufficient funds to be able to pay the mortgage repayments (for 6 months);
confirmation of income from employer (or tax advisor or accountant in the case of self-employed persons);
1-3 letters of reference.
Mediterránea will recommend the most appropriate mortgage for your property or investment in cooperation with our partner in Florida.