HOME BUYING IN MIAMI FOR BEGINNERS AND REPEAT SHOPPERS JUNE 3, 2020 6:00 PM – 7:00 PM EDT … WE’LL BE HERE ON TIME!
1. Programs Available, Financing, Down Payment and Rates 2. Miami- Ft Lauderdale Market Now
AGENDA IN BRIEF
3. The process of looking and finding what you want. 4. The offer process and important dates when you find a home. 5. Finance & Title Closing process and fees.
PROGRAMS AVAILABLE, FINANCING, DOWN PAYMENT AND RATES
Homebuying Assistance Programs Available now: First Time Home Buyers, Medical Helpers, First Line Responders, Veteran and Educators, etc. Common Financing options include: •
Federal Housing Administration (FHA)
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Fannie and Freddie Mac Conventional
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VA loan (No down payment)
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USDA loan: 100% financing on rural properties
More upon request.
PAY MORE NOW & LESS LATER OR PAY LESS NOW & MORE LATER CONVENTIONAL • 5% Down Payment • You may qualify with a credit score that’s as low as 620 • More liberal property standards • Private Mortgage Insurance payed until you have 78% equity in your loan
FHA LOAN • 3.5% Down Payment • May qualify with credit score as low as 580 • Strict home standards to meet because insured with the government • Required upfront for Premium - 1.75% of loan amount (either paid entirely in cash or financed into the loan) • Mortgage Insurance Premium payed for the entire life of the loan
For those who have had a challenge due to this pandemic, you have options like: bigger down-payment, adding a co-signer, bank statements for 24 months and more options upon request.
Miami- Ft Lauderdale Market Now
Townhouses and Condos
Single Family Home
Purchase Price: $209,900
Purchase Price: $375,000 Conventional $18,750 or FHA $13,125 AT Todays RATE 3.125% Estimated Monthly Payment: Conventional $2,047 or FHA $2,107
Conventional $10,450 AT Todays RATE 3.125% Estimated Monthly Payment with $200 Association Included:
Conventional $1,458
30 year fixed terms, with 0.75-95% Annual Property Tax, $1,800 Homeowners insurance, 0.5-0.6% Mortgage Insurance
THESE ARE ALL SUBJECT TO QUALIFICATION AND BASED ON INDIVIDUAL FACTORS
The process of looking and finding what you want We Offer Complete Team Real Estate Services. Rely on Expertise! We make sure you feel confident and educated every step of the way. Take heart, changing from renter to homeowner may be easier than you think. #1 MUST DO: Communication is KEY! Answer our calls, emails, texts.. We’re here to help!
ROAD MAP Talk to a Mortgage Professional
Pick a professional and ask for a Pre-Qualification. Submit requested information. Get Pre-Approval.
Talk to Your Realtor
Send your Pre-Approval Letter and tell them what you want. The more detail the better. LOCATION, ROOMS, BATHS, IMPORTANT MUST HAVE AND MUST NOTS.
Schedule to See Favorite Homes
Place Offer on Home You Like
Allow The Pros to Work and Close!
All Realtors have access to the MLS system. From there they search the inventory and send you the homes best fit for you to review.
If you love one, offer up. The seller will go with the best offer.
Once the contract has come to mutual agreement, buyer and seller will sign.
If it’s not yours, you’ll have to continue your search.
This is where the practice of patience comes handy!
Your Realtor will ask for availability to schedule your showings.
If it is, they may counter or accept.
Your offer requires you to sign the initial contract and wait for the Seller to review and respond. TYPICALLY: •
If accepted you have 3-days to deposit escrow.
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The contract is contingent on financing within 30 days
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Right to cancel within 15 days. (Inspection Period) Paid by Buyer
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Closing usually takes 30 days after executed contact.
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At Closing you pay the balance to complete down-payment
THE OFFER PROCESS AND IMPORTANT DATES WHEN YOU FIND A HOME
Financing depends heavily on mortgage professional and your cooperation. • Pre-Qualifying – Loan Program – Down Payment • Experience-Competent Professional-Risk Deposit • Typically 30 days approval period • Application within 5 days of “Acceptance Date”
FINANCE Fees typically involved with Lender
• • • • •
Application Fee Appraisal Fee Credit Report Fee Underwriting-Processing Fees Discount Points-Buy down rate
• • • • •
Title Company: Process and Fees
Why Title Insurance? -Protect biggest investment and peace of mind Review and clear conditions of title commitment Communicate with Lender about process Compile and provide final numbers and fees to all parties Explainations, have parties sign, notarize, record documents and provide policy Fees Typical involved with Title
• Settlement Fees • Title Insurance and Endorsement Fees • Lien Search • Survey • Stamps/Taxes on Mortgage • Association-Approval and application fees
WE OFFER COMPLETE TEAM REAL ESTATE SERVICES
TRUSTED LENDERS
REALTOR
TITLE AGENT
Visit www.HomeBuyinginMiami.com for More Browse on your own time, make your own moves! Search real time homes, new construction homes, PLUS: Learn more about how much you can borrow and create a portal to apply for a Loan.
THANK YOU FOR YOUR TIME! WE LOOK FORWARD TO WORKING WITH YOU WHEN YOU’RE READY! WE’LL BE HERE!
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PHONE 786-367-7361