What You Need to Know Before Getting a Mortgage Loan in Florida

While owning a home is considered to be part of the goals of most generations, it hasn’t been easy for millennials and gen Z. But there have been solutions to this issue in recent years.

It’s all jokes and games when it comes to millennials and their goal-setting (getting a good job, owning a house, planning for the future). But jokes aside, this generation is still overcoming complex barriers when it comes to being homeowners. 

 

In Florida, there are many options that people can look more into to make the dream of owning a house a reality. The US Federal Housing Administration (FHA) offers a series of mortgages that people can qualify for, even if their credit score is low. 

 

But before getting into this, let’s explain the basic definitions. 

What’s a mortgage loan? 

According to Investopedia, a mortgage loan is “a document submitted to a lender when you apply for a mortgage to purchase real estate.” This document requires extensive information, including the property considered, financial situation (that’s why your credit score matters), employment history, and more. The lender uses the information to make their decision to approve the loan. 

Now, what if you’re not a US citizen? Believe it or not, if you’re a recent immigrant or you have a professional or education visa, you’re most likely to ask for a mortgage, but that comes with some extra steps. 

It depends on your residency status, which is divided into the following groups: 

    - Permanent residents with a green card 

    - Non-permanent resident with a valid visa 

    - “Foreign nationals” 

And that’s where the FHA steps in. Since they have relatively low credit score requirements, it’s one of the best options for non-US citizens. Besides providing information of a lender that fits their risk profile, people must also either show proof of permanent residency in the country or use the home as primary residence, add a valid social security number, and employment authorization documents. 

How do I know if I qualify for an FHA loan? 

This is the most affordable option if you’re a first-time homebuyer and if: 

    - You’re at least 18 years of age; 

    - You can show proof of income; 

    - You plan to live in the house as your primary residence; 

    - You have a debt-to-income ratio of less than 50%. 

Once you have all of these things in order, you’re ready to ask for a mortgage loan, and when you get approved, your homeowner dreams begin. 

How to buy a house in Doral, Florida, and not die trying.

 

Living in the City of Doral not only offers a lifestyle that comforts people of all ages, but it is also surrounded by a great palette of amenities, not to mention that it is located just one mile from Miami International Airport. It also has hundreds of options for family enjoyment and entertainment such as the popular International Mall and Dolphin Mall.

 

Since its foundation in 2003, it has established itself as one of the most desirable cities in South Florida to live in, so if you're looking to buy a home, read on and find out what you need to live in the city of sunshine.

 

Starting the process of buying a property is not easy. It could be tiring because of all the factors that you must be careful about with a transaction of this type. But here is a list of the most important aspects to get the house of your dreams:

 

- Contact a Realtor, they will guide you through the purchasing process.

- Learn about the available credit options, so that the purchase is not in cash.

- According to your credit, choose the area and type of house where you want to live.

- With the supervision of your real estate agent, visit the selected homes.

- After selecting the property, make an offer, and wait for approval.

- Schedule an inspection.

- Let the Realtor take care of the legal issues included in the transaction.

- Be ready for the closing day, get the title, and celebrate the acquisition.

 

The advice of a real estate agent is the best option to know the required documentation that allows you to get the home you want as soon as possible.

Living in Doral is a once-in-a-lifetime experience.

This beautiful city has several tourist attractions, which make it one of the most visited places. The city has enormous benefits for families and for those who want to live in a place very similar to paradise.

Doral is located in Miami-Dade County. With beautiful landscapes, it is also very close to the Miami International Airport. Its population is very friendly and respectful. The third majority of the population is of Venezuelan origin, with approximately 20%, although there are Colombians (29%) and Cubans (21%).

It is also one of the cities with the highest economic growth in the US. Fortune Small Business and CNN Money ranked Doral 51st out of 100 cities with the best mix of businesses and benefits for a favorable lifestyle.

In addition, Doral is perfect for young people and golf lovers! If you are one, Doral is the city for you, here you can find:

- Trump National Doral Miami

- Costa del Sol Golf Club

For entertainment, there are also many family parks:

- Doral Central Park

- Doral Legacy Park

- Doral Meadow Park

- Downtown Doral Park

- Trails and Tails Park

- Morgan Levy Park

- Veterans Park

And so much more! Living at Doral is one of the best choices that you can make in life!

Source: https://www.lavanguardia.com/participacion/las-fotos-de-los-lectores/20200319/474263382826/doral-florida-paisaje-estilo-de-vida-luz-latinos.html

Purchasing a property in Doral during the pandemic?

In a crisis, good investment opportunities always arise. Here are some reasons why investing in Doral is a good option.

Doral is one of the most prosperous cities within Miami-Dade County; being located so close to the port and Miami International Airport makes it attractive to hundreds of merchants and residents. Also, if you are a golf lover, this is the city for you! Doral is home to the Trump National Doral Miami, one of the best places to practice golf in United States.

In addition, investing during the pandemic can be very positive for the buyers, since they can further negotiate the price of the property they would like to acquire, thus having a capital gain in his/her favor.

Investing in Doral can be an excellent decision:

-       Due to its location: it is located 1 mile from Miami International Airport, 10 miles from the port of Miami, and is bordered by two of Miami Dade County's main highways.

-       For its business: it is one of the largest private free zones in the USA (Miami Free Zone).

-       For its educational institutions: it has over 10 category "A" public, charter and private schools, the highest rating given by the state of Florida. It has over 10 university institutes, universities, and technical schools.

-       For its life quality: it has 6 parks, 20 hotels, 2 shopping centers, business centers, a variety of restaurants, and much more!

What should you know about buying a house?

Buying a house is one of the biggest commitments anyone can make in their lifetime. Knowing which decisions to make –and understand the timing when to make them–, how to calculate taxes and more. Doral Riches can offer you the right solution. Just follow this advice.

1.    Find a trusted realtor: Not everyone wants to find a reliable realtor, but don’t close the door to that option. A smart realtor can help you protect your investment while he can help you find the best options based on what you’re looking for.

2.    Educate yourself: Remember that everybody will have an opinion, but at the end of the day, you make the final choice. That’s why you should read and ask experts about important topics: mortgages, taxes, market trends, contracts, and more.

3.    Know your neighbors: Know where you’re moving, what is close to, and even what type of people lives there. If you’re looking to expand your home, it might be important to take into consideration if more children live in the neighborhood, for example.

4.    Accept that renovations will take time: Now that you have a home, the excitement to decorate is huge. But decorations will take time. Take into consideration what needs to be done right away: bathrooms, kitchen, have basic furniture. Those marble pieces can wait for a while!

5.    Hidden costs: This is a topic that should be taken into thought. Buying a house is not limited to the cost of the house itself. It’s important to add maintenance cost, insurance, homeowner association fees, and more.

6.    Think about your future: Is the house you want now the house you’ll want in the next 5 years? Are you planning to get married? Have kids? The life you’re having now might not be the same one you’ll have in 2 years. If you’re still uncertain, then you should keep looking before committing.

7.    Consider renting as a test drive: If you still have any questions, then you could try renting in or near your desired area to test the waters before investing.

At the end of the day, we know that can be overwhelming to read and research about buying a home, but that time, investigation and most importantly money will be rewarded into precious memories. In Doral Riches, we have a team of professionals ready to guide you through the process of choosing and investing in a property. Contact us today!

Spring Break in Miami – What to do?

Spring Break is just around the corner. Those days where you can let go of a busy routine and just enjoy some time off with your family and friends. The amount of activities can be overwhelming, and some of them require to have booked months ahead. If you still don’t know what you want to do, we’ll offer you some options so you can enjoy the best Spring Break of your life in Miami!

If you’re a nature lover, the first activity you can enjoy is visiting some of our best beaches. Here, you can enjoy a lovely sunbath, a time of relaxation, or you can even socialize with the rest.

Now, if you prefer the quietness and privacy pools can offer, there are places like The Miami Beach EDITION, an exclusive pool designed by Ian Schrager. Following the trend of 1950s Art Deco, you can enjoy not one, but two private pools and a bar. You can also book a few days in The Confidante, heated and private pools with a “remote island” treatment.

After a long day lounging in a pool, you can enjoy the best nightlife Miami has to offer: pool parties like the Full Moon Swim at Broken Shaker, celebrated every year on a Full Moon, or the Meet Me Upstairs, hosted in the beautifully designed SLS Brickell. But what’s Miami Beach without some of the most extravagant clubs? Basement, Story, Ora, Trade, Score are some of the options if you’re ready to party.

On the other hand, Miami has options if you’re coming with your family. You can visit museums, like the Frost Museum of Science and the Miami Children’s Museum, or take tours around the city; you can see animals up close in the Zoological Wildlife Foundation, or create some artsy memories at the Wynwood Walls.

Enjoy Miami the way you prefer, but when you start to plan out, choose Doral Riches to rent a place for you, or start to invest in a second home, so you can enjoy an eternal Spring Break in sunny Miami. Contact us!

Why Should You Have a Second Home in Doral?

http://bit.ly/2wxlrxM

Some might say that home ownership is one of the main goals in everyone’s life, and if you share this thought, you should know that Doral Riches is here to help. But in this particular article, we are going to talk about the main reasons why people get a second home and why it is such a great idea if you have the opportunity.

If you already have a place of your own, your finances are well balanced, you and your family are settled comfortably in a place and now your main concern is to plan your retirement, buying a second home might be the best next move for you. Here are the reasons why you should consider getting a second home:

Rental properties. If you already succeeded at owning a home and you feel like you could handle more, buying a new place to rent it would be a great idea. Having an extra cash flow every month will boost your finances and give you more room to plan, invest in other endeavors, try to cut back on work and ultimately be able to enjoy more your family and your life.

http://bit.ly/2vSxokT

Vacation home. This is a particularly great idea if you have a family with whom you would like to spend your vacations; make new memories with them in a cozy space where you all can relax and recharge your energies before going back to your routine. 

Retirement home. The best moment to start planning your future was yesterday, the second best day is today. It’s never too soon to start making retirement plans, and one great option would be buying a second home somewhere you’ve always wanted to live. Once you retire, you could move there and enjoy your golden years thanks your greatly managed, past self.

Investment property. This is the choice that requires more guidance or professional advice, but it can be very profitable if you execute it well. Whenever the market faces a soft point, many investors decide to buy, betting that the prices will rocket eventually. And because the market is actually cyclic, that’s exactly what happens (most of the times!), but for this to work as you would expect, you would need to take many variables into consideration, and hiring a professional realtor or a real estate company would definitely be the best way to proceed.

Why do we recommend Doral? Simple: because this beautiful city in the outskirts of Miami is perfect for every type of investor. Only a few minutes from one of the greatest cities in America, tropical weather, Caribbean atmosphere, remarkable economic growth in the past 10 years, safe, clean, quiet, and most of all, extremely comfortable! Every year, more investors choose Doral to place their money, and the real estate market has shown that it’s particularly solid there.

Celebrities in Miami

We all dream of living like a star: a mansion with a private pool, in an exclusive neighborhood, and with the fanciest services. Miami is one of those places where celebrities come to make their dreams come true. Not only does Miami offer the most amazing weather, but also huge houses, an eclectic lifestyle, and a great cultural variety. Few other cities in the United States meet all of these requirements. This is why Miami is not only attractive for immigrants and second-home buyers, but also for celebrities. Miami is home to lots of musicians, athletes, actors, and politicians. 

            Here’s a list of celebrities that are currently living in Miami and who you might see on an ordinary day.

·         Barry Gibb: The last musician alive of the Bee Gees.

·         Alonzo Mourning: one of Miami Heat’s biggest stars.

·         Pharrell Williams: the musician, record producer, and former judge of the reality show The Voice.

·         Floyd Mayweather: one of the greatest boxers of all times and the richest one, too.

·         Matt Damon: one of the most famous Hollywood celebrities in Miami. After all, he did survive when left alone on Mars!

·         Gloria Estefan: the Cuban great star of Miami Sound Machine. Miami fits her cultural expectations perfectly!

·         Shakira: she needs no introduction, just one more Latin American who’s looking to feel just like home in Miami’s cultural mix.

·         Sofia Vergara: the Colombian actress who found part of her fame in one of the most successful comedy shows of all times: Modern Family.

·         Adriana Lima: though this supermodel is one of the most successful ones in the industry, she’s known for her modest lifestyle.

·         LeBron James: the great NBA star has chosen Miami as his home city.

These are only a few celebrities living in Miami. Just like them, you can also enjoy the exclusivity, privacy, and comfort that this South Floridian city has to offer. Dream big, live bigger! America Riches can help you get that lifestyle you’ve always desired. Just contact us and let’s start looking for the mansion of your dreams!

Top 10 Things to Do in Doral, Florida

South Florida is one of those places that have options for any kind of person. Either if you enjoy a calm dinner, a family day, or a night club, you’ll find them all here! But, if you’re looking to stay close, and you’re not feeling like driving, then each city has its own offer. For those who live in Doral –or are planning to live here, here’s a list of top 10 things to do in this wonderful city!

1)     Blue Monster: Doral is known as the city of golf, and this is the most popular course in here. It offers 7,590 yards for you to relax!

2)     Miami International Mall: if you love to go shopping, then you’ll find everything you need in here. From fashion, to home goods and décor, this mall has a great variety to offer.

3)     The Shops at Downtown Doral: you can visit this 20-acre location, where you’ll find a great variety in retail and, best of all: food! This is a very fancy site to get a high-quality gastronomic experience and where you’ll find renowned fashion stores.

4)      Pritikin Longevity Center and Spa: since 1975, this amazing spa has given its clients an amazing relaxing experience through nutrition and fitness programs, which focus on exercising daily for a healthier lifestyle.

5)      Dragonfly Izakaya and Fish Market: if you’re looking for an exquisite gastronomic experience, here you’ll find the best local Japanese restaurant. You’ll have the opportunity to taste both traditional Japanese food and Asian-American fusion cuisine, such as pancakes with seafood toppings.

6)      Los Parrilleros: when it comes to steakhouses, we all know Argentinians are the best, that’s why Los Parrilleros have been pleasing their clients for over 15 years. Perfectly cooked ribs, churrascos, sausages, and so much more!

7)     Il Forno Ristorante: if you’re craving for a classic Italian menu, then this is the right place to visit. From porcini mushroom pasta, to veal ossobuco alla Milanesa, everything will make your mouth water.

8)      La esquina del Lechón: this is one of Miami’s most precious places. Here you’ll find a great variety of exquisite Latin food. If your body says “chicharron”, then please it at La esquina del Lechón!

9)      Wxyz Bar and Lounge: for nightlife lovers, this is a great place to get a drink and good music. Best thing is, it’s not usually overcrowded, so you’ll feel comfortable!

10)   Doral Billiards and Sports Lounge: here you’ll definitely have a different night. Pool and drinks are always an awesome choice!

Photo taken: http://www.cool-cities.com/w-xyz-bar-18091/