Monday, March 23, 2009

houses in corozal belize

Start buying your home in Belize
The first step in buying your home in Belize is to figure out your financial situation. This process is called pre-qualification. It allows you to focus on the range of homes that you can most likely to afford. A real estate agent will suggest you to run the pre-qualification with a mortgage broker before starting looking into homes aimlessly. The home you will be qualified in Belize will depend on your down payment, your max mortgage, and closing costs.
A first home buyer’s down payment is limited to the liquid asset or cash, while second or third home buyer can have their long term equity as their down payment. A down payment more than 30% will allow you to be very flexible on the monthly income level. Currently, many banks offer unconditional mortgage to home buyers if they have more than 30% for down payment. Lower percentage of down payment will likely require higher interest rate.

Mortgage home buyers can afford should be less than about 30% of their gross income. For a home buyer, the more debt he/she has the less amount of mortgage he/she will be able to afford. The four elements considered by mortgage brokers are income, credit, asset, and property.
Closing costs which range from 2% to 6% of the mortgage are paid when the deal is made. This would be paid from the escrow money you deposited earlier in the process. Our Belize Property Center pays your closing fee for your home in Belize.

A lot more free information is available at our most comprehensive real estate site in Belize: Belize Property Center. To start your first hand information at home buying, visit our newly featured properties at HOUSES IN COROZAL BELIZE

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