Buying a residential property in Florida is much like buying a residential property in the UK. The one main difference is a crucial one – Mortgage Brokers charge for their services in Florida.
Mortgage Brokers in the UK are paid either a salary and/or a commission by the lender, the bank or building society. In Florida the Mortgage Broker is paid a fee by the borrower (you) in addition to a lender commission.
The costs incurred by you, the borrower, are collectively called the closing costs. There are a number of fees and charges that make up the closing costs (please see below). These costs are paid at the end of the process ( do not pay application fees in advance, some Mortgage Brokers may ask you to do this).

Why do borrowers use Mortgage Brokers in the US?
Mortgage Brokers in the US have access to funds from wholesale lenders who offer far better interest rates than the high street banks.
Forming part of the closing costs, Mortgage Brokers charge a loan origination fee. This fee can range in size from 1 to 10% of the actual loan amount, depending on the complexity of the case (10% is the legal maximum loan origination fee permissible). UK residents, with a healthy deposit (20% and upwards), should not be charged anywhere near these higher rates. The most commonly charged fees will be in the region of 2 to 3%. Also, please be aware of Mortgage Brokers who claim there are “no closing costs” these costs are generally hidden elsewhere.

Other fees in the process may include:
Application Fee, Appraisal Fee, Credit Report Fee, Survey Fee, Processing Fee, Underwriting Fee, Insurances, Recording Fee, County Property Taxes & Stamps, Pest Inspections, Title Charges.
There are no hard and fast rules as to what a particular Mortgage Broker will charge on the above individual fees.

See a sample of Florida Properties for sale

Contact info@property-investment.net