A mortgage loan? Cash payment? Both?

The payment method to use for the purchase of a property will depend on the amount of money you have available to invest, as well as your credit reputation. The budget you have will help you choose the area, the type of land and the dimensions of your new property.

There are mainly two methods of payment:

• Through a mortgage loan granted by a financial institution.
• Through a cash payment.

If your option is to buy using the cash method, then you know what budget you have. However, even with the money, it is always good to consider financing, which could help you buy a more valuable property.

However, if you do not reside in the United States and want to buy a property here, there is the possibility of applying for a mortgage loan, with an initial payment that usually ranges between 25% and 50% of the total price of the property, and an average interest rate of between 5% and 7% for a 30-year term.

For people who are residents or are American citizens, these numbers change abruptly because they could buy a property only by providing an initial amount of approximately 9% and in many cases closing costs are included.

Once you are clear on the payment method you want to use, cash or loan or even cash and loan, then we can talk about the budget. This will allow you to determine the zones and types of properties to which you could have access.

Jose Barco

I am a native of Puerto Rico and have lived in Central Florida since 2003. I became a Realtor®, right after my wife Yolanda Barco started this profession and we both felt in love with it. We use to drive around just looking at the beautiful houses and appreciating the neighborhoods and one day we decided we could work in what give us passion and also help those who were in search for a new home. This is a profession that allows me to help families with one of the most important needs, to acquire or sell their home. This profession allows me to help and serve those who need a new home or sell their current property. We are part of LPT Realty where we serve buyers and sellers to achieve their goals quickly and effectively. It is our goal to satisfy the needs of our clients.

If you live in the Central Florida area, contact me. I am here to serve you. The experience and care that I have developed over the years is at your disposal.