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General Information for financing in Florida / USA

Mortgage payment basis for foreign nationals

Prepayment penalty

Aside from a very few exceptions, you can prematurely repay your loan either in part or entirely without being charged with penalties. Be it that you choose to pay a higher payment every month than is necessary, you make special payments to the US bank in irregular intervals according to your personal liquidity, depending on the Dollar conversion rate, or you satisfy the loan all together - without any penalty payments or costs required by the US bank. This allows for maximum flexibility when financing with a different currency.

Annuity loan

The classic loan model. The monthly installment (annuity) comes together from the interest and principal repayment. The interest- and principal repayment portions change over the course of time. The interest portion decreases, while the principal repayment portion increases. Towards the end of the term the loan is repaid completely. Because in Florida almost all loans on residential real estate have a contractual term of 30 years, the amortization of the loan also applies for this period. The advantage: Their rates are very low.

Construction financing

For the financing of construction there is generally no amortization during the construction phase itself, commitment interest is also not charged. This means that during the construction phase the installments incur in irregular intervals and the sums increase slowly. Interest is only charged for those amounts which have been used and been paid out to the construction company after a particular construction phase has been completed. After construction is completed the construction loan automatically becomes an annuity loan.

Direct debit process

As a foreign borrower you do not have to worry about the aggravation of sending timely checks or the transaction process regarding the loan repayment. The monthly installments can be conveniently deducted from your US account through the use of direct debit.

Good to know:
For most lenders, your presence in the USA is not required at any point during the processing.

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