• Appraisal: A supported, written estimate of the value of
property rights as of a given date.
• Courier Fees: Fees for express mailing loan packages.
• Credit Report: Financial report on borrower.
• Discount Points: Percentage of mortgage amount to adjust
interest rate as required by lender.
• Doc Prep Fees: Document preparation and administration fees as
required by lender.
• Doc Stamps on Note: FL tax required on executed notes whether
a new or assumed mortgage.
• Home Inspection: To flush out any existing or potential problems
on major systems of the home such as electrical, plumbing, air conditioning, heating or roofing, and also on appliances being conveyed in the transaction.
• Homeowners Association Fee: Monthly, quarterly or yearly
homeowners service assessment fee. • Homeowners Warranty: Home protection coverage on major systems and built-in appliances.
• Intangible Tax: FL tax required before a mortgage is recorded,
except on an assumed mortgage.
• Mortgage Assumption Fee: To transfer the loan into buyer’s name.
• Mortgage Insurance Premium: Insures the lender for amounts in
excess of 80% against borrower’s default.
• Origination Fee: A fee to lender to originate the loan.
• Recording Fees: For recording the closing documents at County
• Survey: To outline exact boundaries of the property and search for
• Tax Service Fee: Fee for handling the payment of taxes to the
proper taxing authorities.
• Termite Inspection: To determine if the home has infestation of
termites, powder post beetles, or other wood destroying organisms or fungi.
• Title Insurance for Lender: An insurance policy for the lender
guaranteeing a clear and marketable title.
• Underwriting Fee: A fee charged for underwriting the loan as
required by lender.
Mortgage lenders are tougher on a second-home loan application than on a primary-home loan. Also the second-home loan rate is traditionally one-quarter to one-half point higher than those for first residences. The same is true for origination points. Expect the lender to conduct a detailed review of the borrower's income and asset documentation, and the foreign buyer is required to establish a bank account in the United States and make a deposit of the down payment amount into that account in order to obtain a mortgage. The interest rate will be slightly higher than those for U.S. residents, and like U.S. residents, foreign borrowers are charged closing costs on a mortgage which will include lender and third-party fees.
How To Get A Haunted Home Loan
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There are different tax situations to consider when buying a first or a second home and securing a mortgage:
• Is this a primary home for your family?
• Is this a second home to rent out to others as a long-term rental?
• Will you use your second home on occasion then rent to others
when not in use?
Through-out this entire process your mortgage lender will be verifying your past and current credit and will re-verify this information again just prior to closing, so here are some important factors to remember...
• Do not change employment without first consulting your mortgage
• Avoid adding new charges to your credit cards prior to closing
• Do not take out any additional loans prior to closing
• Be sure to make all monthly debt payments by the due date
Use the Zillow mortgage calculator above to help you determine your monthly payment. Insert the home price, downpayment, and loan type then click on the "Advanced" button which will take you to the Zillow Mortgage Calculator. Be sure to adjust the current interest rate and click again on the "Advanced" button to enter in the property taxes, home owners insurance and any homeowners association dues.