The process to obtain a Miami mortgage as a foreign national is fairly equal to the one followed by a normal American resident.

The process usually starts with an initial consultation with a mortgage lender. This meeting can be accomplish in person or by phone. To accelerate the loan process, you may prefer to have the needed documents ready.

Once the different loan choices are looked at and one is chosen, we help you fill out a mortgage application. After you fill the application, you have to provide us the needed documents.

Once we receive the needed information, we start getting a package ready to send to the underwriter (the person who will authorize the loan.) We’ll order an appraisal of the property to ensure that the property it is at least worth the amount of the loan. In addition, we ask for a title research to ensure that you can get a clear title of the property when you sign on the loan.

Once we have all the information, we ship it to the underwriter, who will ensure that the data received is true. The underwriter will usually contact your boss to verify employment or with your accountant if you are a business owner.

Once the underwriter authorizes the Miami mortgage, we’ll receive a letter with the final conditions of the loan and when we might expect to close the mortgage. As soon as we get the approval, we send the entire package to the title company which is the firm charge of losing the loan.

The usual mortgage process varies depending on several different conditions such as how fast you can give us the needed documents or how simple is the case. Nevertheless, you can expect to close your loan in under 4 weeks.

Obviously, we will assist you and advise you during the entire Miami mortgage application process.

Please keep in mind that we do this every day, and we are used to advising people just like you on how to get a Miami mortgage in the United States.

Refinancing a Miami Fl mortgage is a good idea any time you want to consolidate debts or lower your interest rate. It can also be a good idea when varying financial circumstances makes it hard to meet the monthly payment.

By refinancing the loan to one with a longer term, you may decrease your monthly payments substantially. Usually, you may choose to consider refinancing every time you have the ability to lower your interest rate by over ½ a point. If you refinance for under than ½ a point difference, the cost of the new mortgage won’t be covered by the savings experienced from the lower rate.

You could in addition choose to refinance your Miami mortgage for one with a shorter life so that you pay off your house soon by building up equity in less time. With shortened life, the loan will be paid off faster and the total interest paid will be lower.

An additional popular reason to refinance your Miami mortgage is to obtain the funds required to do home improvements or to pay out big expenses. In order to do this, you need to have enough equity in your house to obtain the needed cash out.

People also refinance their ARM mortgages to avoid rate increases. ARM’s (also called ATM’s) have become very popular during the last five years because of their flexibility. The problem with ARM’s is that after a couple of years, there is a recast of the loan and the monthly payments tend to experience a large increase.

If you expect to stay in your house for a long time, you may want to refinance your Miami mortgage with a 30 year fixed-rate loan. With a locked in rate, you get the predictable payments during the mortgage term.

If you are thinking of moving within the next few years, you might want to think about getting another ARM. Usually, ARM’s start with a lower interest rate and might match your financial goals better.

If you desire to have a clear idea of what is the best kind of Miami mortgage loan for you, you may call me and we’ll look at your present mortgage and your financial goals to arrive to the right mortgage for you. We will look at things such as:

• The lowest rate you can apply for
• How long do you wish to take to pay your loan
• Are you expecting to increase your earnings in the coming years or will they remain constant
• The tax consequences of your new Miami mortgage loan

Finally, keep in mind that refinancing is a very good choice when you are expecting to live in the house for over 2 years. If t’s not so, the cost of refinancing a Miami Beach mortgage won’t be recouped.