MORTGAGE LOAN FEATURES 

Conventional Mortgage Loan 

For Palm Beach, Broward and Miami-Dade counties

            -  Up to 80% for a single family home or townhouse

            -  Up to 75% for a condo

Other Florida counties up to 65% 

Home Equity Line of Credit not available 

Mortage Loan Type(ARM)

An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts annually

    Examples:

• 5/1 ARM: Your interest rate is set for 5 years then adjusts annualy for the remaining  25 years.

• 3/1 ARM: Your interest rate is set for 3 years then adjusts annualy for the remaining  25 years.

Mortgage Loan Conditions and Terms of Payment

Monthly payment principal and interest (daily rate)

• Escrow account for mandatory taxes

• Escrow account for mandatory taxes for home insurance (mandatory for single family homes)

Amortization calculated on 25 years

Early Repayment

• No penalty for partial or total repayment on loans.

• Interest rate

For current interest rates, please contact us >

TIPS

Dealing with a Qualified Real Estate Agent

·    It is important to deal with a qualified real estate agent since the laws and usage related to buying a property in Florida are different from those in Canada.

Verify the Condo Association's Financial Situation and its Regulations

 

Desjardins Bank accepts a condo fee delinquency rate under 10%. Between 10% and 15%, the loan may be considered under certain conditions. 

The association's regulations contain the details concerning rental of the unit, visiting rights (55 years +), etc. 

When should you produce a U.S. income tax return?

- Depending on the number of days spent in the U.S.,
- For rental income on the property you own in the U.S.
- When you sell the property you own in the U.S.

Method of Ownership and Estate Taxes

You will have determine the method of ownership prior to buying a property, whether it is to be used as second home or purchased as an investment. Estate taxes upon your death may apply in certain circumstances.

MUST KNOW

Annual taxes

Maximum 2% of municipal assessment. Since you are not a permanent resident of Florida, you are not entitled to the "homestead exemption".  The tax amount may therefore be higher than the one indicated in the property listing.

 

 

 

 

Insurance

In the case of condos, the cost of insuring the building and common areas is included in the condo fees. So you only need to protect your own unit, its content and civil liability.

In the case of single-family homes, your insurance must cover the building and you need to confirm whether protection is required for a "flood zone". (This will also be determined during your application)

Title Company 

A notary function does not exist in Florida, the closing transaction will be done by title agents or attorneys.

They will verify the property titles, calculate any adjustments between the seller and the buyer, and will have an insurance policy issued on the titles.

We will provide you with a list of these suppliers recommended by the Bank.