Miami Beach Real Estate

"Is this a fixed-rate mortgage (FRM) which for the term of the mortgage there's no question about the size of the monthly mortgage payment or is it an adjustable rate mortgage (ARM), where monthly payments can fluctuate?” "What fees I will have to pay?" The cost of the loan is not only the interest but a number of fees from both the mortgage and the title and escrow side that can increase the size of the loan, require larger down payments - or both. "Is there a penalty if I want to prepay the mortgage?" Disclosing prepayment costs or penalties is mandatory, but it is also important to look at the prepayment terms. The terms typically come with penalties the consumer must pay if he or she may want to pay off the mortgage early. The contract must spell out when "early" occurs and how much in penalties could be charged. In the ever changing Miami Beach Real Estate market it’s important to ask these questions so that there are no surprises down the road.