Understanding your purchasing power is the first step to a successful real estate transaction. Discover your options and connect with trusted local lending professionals.
Disclaimer: Kelby Contreras and Realty One Group Evolution are licensed real estate professionals, not mortgage brokers, lenders, financial advisors, or tax professionals. The information provided is for educational purposes only. Always consult with a licensed mortgage professional or financial advisor regarding your specific financing needs.
In the fast-paced South Florida real estate market, preparation is everything. Securing a mortgage pre-approval before viewing homes provides you with a clear budget and a distinct competitive advantage.
W-2s, tax returns, and recent pay stubs.
Bank statements and investment accounts to verify down payment and reserves.
Credit score and debt-to-income (DTI) ratio analysis.
Every buyer's situation is unique. Understanding the different types of loan programs available can help you structure your purchase effectively.
The most common mortgage type, ideal for buyers with strong credit and a standard down payment. Available for primary residences, second homes, and investment properties.
Essential for the South Florida luxury market. Jumbo loans are used when the home price exceeds conventional loan limits, requiring specific credit and reserve qualifications.
Tailored programs for international buyers looking to purchase real estate in Miami and South Florida without US credit history.
Debt Service Coverage Ratio (DSCR) loans allow real estate investors to qualify based on the property's potential rental income rather than personal income.
Educational answers to help you navigate the mortgage process.
A pre-approval letter shows sellers you are a serious, qualified buyer. In the competitive South Florida real estate market, submitting an offer without a pre-approval often results in the offer being ignored.
Pre-qualification is a basic estimate of what you might borrow based on unverified information. Pre-approval is a formal process where a lender verifies your income, assets, and credit to provide a specific loan commitment.
Yes. Many lenders in South Florida offer Foreign National loan programs. These typically require a larger down payment (often 30% or more) and alternative documentation to verify income and assets.
Closing costs generally range from 2% to 5% of the purchase price. They include fees for the loan origination, appraisal, title insurance, state documentary stamp taxes, and escrow setups for property taxes and insurance.
From the time you submit a complete application and an executed purchase contract, the mortgage underwriting and approval process typically takes 30 to 45 days.