A mortgage loan? Cash payment? Both?

The payment method to use for the purchase of a property will depend on the amount of money you have available to invest, as well as your credit reputation. The budget you have will help you choose the area, the type of land and the dimensions of your new property.

There are mainly two methods of payment:

• Through a mortgage loan granted by a financial institution.
• Through a cash payment.

If your option is to buy using the cash method, then you know what budget you have. However, even with the money, it is always good to consider financing, which could help you buy a more valuable property.

However, if you do not reside in the United States and want to buy a property here, there is the possibility of applying for a mortgage loan, with an initial payment that usually ranges between 25% and 50% of the total price of the property, and an average interest rate of between 5% and 7% for a 30-year term.

For people who are residents or are American citizens, these numbers change abruptly because they could buy a property only by providing an initial amount of approximately 9% and in many cases closing costs are included.

Once you are clear on the payment method you want to use, cash or loan or even cash and loan, then we can talk about the budget. This will allow you to determine the zones and types of properties to which you could have access.

Martin Lares

Born in Caracas, Venezuela, I embarked on a journey that has taken me across continents and through diverse career paths. My early years in Miami from 1978 to 1980 ignited my passion for business, which I later pursued academically. After returning to Venezuela, I graduated from Mass Bay College with double minors in Marketing Sales and Management, and I earned a B.S. in International Business Administration from Babson College in 1995.

My professional journey began in the banking sector in 1995, with roles at the Bank of Boston till 1998 and later in Caracas, where I founded my own company, Adevic, C.A., specializing in marketing and selling levitation systems. My experience in the banking industry continued as I took on significant roles, including in the Oil department at Banco Venezolano de Credito and as VP of International at Banco Industrial de Venezuela.

In 2014, I returned to Miami, where I transitioned into the real estate business. I obtained my licenses as a Real Estate Broker and Mortgage Loan Officer, combining my extensive business background with my passion for helping others achieve their real estate goals until today.