Financing real estate for Brazilians in Orlando is an affordable process with no upfront costs.
For Brazilians, there is a variety of financing options and competitive interest rates, which can be taken advantage of through quick, no-obligation pre-qualification.
Want to understand the complete real estate investment process in Orlando?
Discover all the steps in our guide for Brazilian investors.
With some basic financial information, we can assess your profile and guide you towards the best decision.
This guide will detail all the steps, requirements, and essential tips for financing a property in Orlando.
What you will learn:
How the prequalification process works and what are the advantages of starting without commitment.
The approval parameters for real estate credit, including credit analysis, financial stability and other requirements.
The seven steps of financing, from the presentation of documents to the closing of the contract and receipt of the keys.
Glossary of important terms, so that you understand every detail of the process and feel secure in the transaction.
Want to understand how to qualify for the best credit conditions? Read on to discover the main approval criteria and the step-by-step process of the financing process.
Pre-Qualification Process for Real Estate Financing for Brazilians in Orlando
The pre-qualification process is quick and free, with no obligation for the client. With the help of some basic information, our team will be able to present the best credit options and interest rates compatible with your profile.
This preliminary assessment helps simplify the financing journey and provides a clear view of market conditions.
Parameters for Approval
To obtain financing approval, five main parameters are considered, known as the “Five C's of Credit“:
- Credit: Credit history is analyzed based on accounts open for at least 24 months, with payments made on time and no outstanding debts.
- Capacity: Refers to income and financial stability. Ideally, you should demonstrate at least two years of stability in your job or primary source of income.
- Capital: Cash available for purchase, including down payment funds and additional transfer and insurance costs.
- Collateral: Property appraisal, where the market value must be in accordance with the price negotiated in the contract.
- Commitment: The total amount committed to the property and other personal expenses must not exceed 43-50% of the monthly income.
Want to understand how to qualify for the best credit conditions? Read on to discover the main approval criteria and the step-by-step process of the financing process.
The 7 Steps of the Real Estate Financing Process for Brazilians in Orlando
- Submission of Documents
Our team of partners will request the necessary personal and financial documents to begin the process, including proof of income and tax returns. - Pre-assessment of Financing
After submitting your documents, we will conduct a preliminary assessment to present the two best credit options based on your profile. - Submission of Information to the Bank
Within the chosen options, the customer receives a pre-credit application with the terms and costs involved in the financing process.
4. Signing the Financing Application with the Bank
The bank sends the credit application with the terms and conditions of the contract, which must be reviewed and signed.
5. Approval Process
During this step, updates and additional documents may be requested (e.g., letters of recommendation or recent bank statements).
6. Insurance Arrangement and Payment of Costs
After approval, you must pay for insurance and property transfer costs.
7. Contract Closing
On closing day, the financing contract is signed and ownership is transferred, with the keys being handed over.
Read also:
➡️ How to Buy Property in Florida: The Complete Guide – Step by step guide to safely purchasing your property.
➡️ Checklist for Buying Your First Home in Florida – Tips for preparing for financing.
➡️ Dollarization of Assets with Real Estate in Orlando – How to finance a property and still protect your assets in dollars.
4. Important Terms of the Financing Agreement
To make it easier to understand the terms involved, we have created a glossary with the main terms of the contract:
Appraisal: An official assessment of the property's market value performed by a certified professional called an appraiser. The report considers factors such as location, property condition, and prices of comparable properties in the area. The appraisal is essential to ensure the property's price is compatible with the amount financed by the bank.
Alternative Credit: Alternative credit verification used for customers without a traditional credit history. Instead of a credit score, the bank may consider reference letters from utility bills, such as water, electricity, telephone, or rent, demonstrating the borrower's ability to pay.
Adjustable Rate Mortgage (ARM): A type of financing in which the interest rate is adjustable after an initial fixed-rate period. The interest rate varies according to the market index chosen by the bank, meaning that monthly payments may increase or decrease over time.
Borrower: The borrower or buyer of the property who assumes responsibility for the financing payment. The borrower is the individual whose financial history and repayment capacity are evaluated by the bank during the underwriting process.
Cap: A maximum limit on interest rate increases or decreases in adjustable-rate loans. The cap protects the borrower from extreme variations in payments by limiting how much the interest rate can rise or fall in each adjustment period.
Closing: The final stage of the real estate transaction, where the property is transferred to the buyer. At closing, the financing agreement is signed and all due payments, including down payments and closing costs, are settled, making the purchase official.
Closing Costs: Additional costs paid upon completion of the property purchase. These include notary fees, title insurance, inspections, attorney fees, and other administrative expenses. These costs are usually paid by the buyer and can represent a significant percentage of the financed amount.
Co-Borrower: Co-borrower who signs the financing agreement together with the primary borrower. The co-borrower shares financial responsibility for repayment and also undergoes a credit and financial capacity analysis by the bank.
Down Payment: The initial payment made by the buyer upon purchasing the property, usually representing a percentage of the total purchase price. The down payment is deducted from the financed amount and demonstrates the borrower's purchase intent and financial commitment.
EscrowEscrow: An escrow account managed by a neutral third party, usually a title company or financial institution. This account holds funds intended for the payment of mandatory expenses, such as taxes, homeowner's insurance, and other related costs. The escrow account ensures that all payments are made on time, protecting both the buyer and the lender throughout the financing process.
Foreclosure: Legal process of foreclosure, triggered when the borrower fails to pay the mortgage as per the agreed terms. During foreclosure, the bank repossesses the property to settle the outstanding debt.
Hazard Insurance: Mandatory insurance that covers property damage caused by specific events, such as fires, storms, and natural disasters. Hazard insurance is required to protect the property during the financing period, ensuring that the asset is insured against significant losses.
HUD-1: A detailed form used to close a property purchase in the US, listing all financial transactions between the buyer, seller, and lenders. This document includes fees, taxes, and any other amounts involved in the purchase, providing transparency and clarity about the amounts paid and received.
Interest Rate: Interest rate charged by the bank on the financed amount. The interest rate determines the cost of financing and can be fixed (kept constant) or adjustable (variable over time), directly impacting the monthly installment amount.
Loan Estimate: A document provided by the bank at the beginning of the financing process, which presents an estimate of the total financing costs, including interest rate, monthly payments, insurance, and other expenses. This form allows the buyer to evaluate and compare different financing options before making a decision.
Mortgage: A mortgage agreement in which the property is used as collateral for the loan payment. If the borrower defaults on payments, the bank has the legal right to initiate foreclosure proceedings to recover the loan amount.
Prepayment Penalty: A penalty applied by the bank if the borrower decides to pay off the loan before the agreed term. This fee compensates the bank for lost future interest and may be applied to certain loan agreements.
Underwriting: The process of evaluating and analyzing the borrower's and property's financial data. The bank's underwriting team reviews income documents, credit history, and property information to determine the feasibility of financing and define the terms of the contract.
Want to better understand technical expressions? Consult our real estate glossary and have total security at every step.
Ready to learn more about the Orlando real estate market? Explore our complete guide for investors and get an in-depth view of all the stages, from choosing the property to closing the contract.
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