Regardless of the amount of the down
payment, Islamorada FHA requires a one time upfront fee of 2.25% of
the real estate mortgage loan amount which, may be financed in with
the loan. In addition to the upfront fee there is a yearly fee of
50% of the unpaid balance of the Islamorada real estate mortgage loan
which is divided into 12 equal payments and paid monthly in the house
payment. If the mortgage is paid in full within the first 7 years
there may be a prorated refund of the upfront premium paid. The monthly
mortgage insurance premium in Florida may not be waived regardless
of the loan to, value.
A title policy in Islamorada Florida is
required to obtain financing from a mortgage loan lender but it only
covers the amount of the loan. An Owners Title Policy protects your
equity. It usually is a small cost and well worth the price. Know
what the surrounding area will be in a few years. Will there be an
Airport, nuclear plant, shopping mall in the area of Islamorada you
will be living in?
$1,050,000.00 Single Family Home in Islamorada
3 Bedroom, 2 Bathroom
$750,000.00 Single Family Home in Islamorada
2 Bedroom, 2 Bathroom, Approx. 1576 Sq.Ft.
Your loan officer can be a big help in assisting you with these details. At closing (ah, the final step) your mortgage is signed and sealed, and your check is delivered. Your first mortgage payment will usually be due approximately 30 days after closing. Now you can settle into your new home.