If you’re a first-time home buyer, or a foreign national seeking lending for your Miami real estate purchase, you may find the process to be quite challenging.
What are the three most-common hurdles to homeownership, you ask? (1) The down payment; (2) finding a house you can actually afford; and (3) not having sufficient credit history. But, fear not, our new “First-time Home Buyer's Guide” series by the Miami Real Estate Podcast is here to help you overcome all challenges.
In this first installment of our new home owner series, we’re tackling the down payment. If you are not buying all cash, this is arguably one of the biggest challenges facing first-time home buyers or foreign nationals looking to buy in Miami. Enter: financing.
Sandra Mina, Sr. VP of Residential Lending for BB Americas sits down with us to explain mortgages. What is a mortgage? What are the different types? And what is the main difference between getting a mortgage through a bank versus a mortgage broker.