Financing for your home purchase can be arranged in the US if required.

If you are financing your home purchase make sure you have a pre-approval letter already in place before you start looking for your dream home. This is essential when making an offer on a home and strengthens your negotiating power. Your lender will provide you with this.

It is usual for a 30% deposit to be required when financing in the US. If you are purchasing more than one home there are financial establishments that can offer multiple loans even as a new customer.

Please bear in mind closing costs in the US, when obtaining a loan, range between 3%-4% of the amount of the loan.

If you are making a cash purchase proof of funds may be requested.

Banks

To open a bank account in the US you must be present with passport I.D. and a referral letter from your bank at home.

Check with your local bank as they may be affiliated with a US bank. This may be an easier option of opening an account from the UK.

A few local banks in Orlando are:
Bank of America
Washington Mutual
Suntrust
Wachovia

Should you require the contact details of a different bank please e-mail or call me and I will supply you with this information.

Closing / Completion Costs

These can vary depending on whether the finance is obtained in the US, UK or if it is a cash purchase. They usually amount to between 3%-4% of the cost of the loan if the home is financed in the US. This includes such items as state tax on the loan (similar to stamp duty), homeowners insurance (one year), survey, title company fees (closing agent which would be a solicitor in the UK), pro-rated homeowners association fees, pro-rated annual taxes, appraisal, lender fees.

The buyer would also pay for a home inspection (survey in UK) which would determine any necessary repairs for the seller before closing. The cost of this is approx $300-$425 and a pest inspection is recommended also before closing which is approx $85-$125 depending on the size of the home. We will be able to explain any part of the closing/completion documents to you if there is any aspect you are unsure of during the process.