Weston residents can now count on a friendly convenient bank branch right on the corner. That is the International Finance Bank or IFB, located on 2278 Weston Road. When you enter to the Waterways Shoppes I Plaza, you may see a blue sign outside the entrance which says IFB. There, you will find Maria del Pilar Plata, a very well known banking professional in Weston. Pilar, and her team of highly dedicated banking professionals are prepared to providing you customized financial solutions.
IFB offers a full range of competitive Residential Mortgage programs designed to meet the requirements of all of their customers, whether US residents or foreigners. “We have costumized loans for all of your needs: buying a car, applying for a new home purchase, refinancing an existing mortgage, or making home improvements. While IFB belongs to a major multinational banking group with banks throughout Latin America, we are “Local at Heart”; with decisions made by locals with your best interests and our community in mind”, says Pilar. Here at the IFB, you will find an IFB Residential Mortgage option, that’s just right for you.
For a better understanding about the financial options the IFB offers, we asked Pilar to give us some tips on the following aspects.
I am not a “foreign national” and I don’t have a credit history of more than 2 years, what can I do to get a loan? Moving to this country is like starting from zero as far as a credit history is concerned. That is why you must analyze the various options available when applying for a car, home loan or when applying for a credit card or other unsecured loan.
1. Can I buy a Home? Yes!!! If you have a down payment of 30% to 50%, you can apply for a loan using your verifiable income along with your credit references from the country you are from to qualify. Just remember the down payment requirement varies on the type of property you are trying to buy.
2. Should I buy a car for cash or finance it through a bank? Building a credit history in this country is a very important step in opening doors for future ventures. A smart way to do this is by using your own money as collateral. Not only do you get a low rate of interest, you are also diversifying your risk.
3. How Can I have access to a credit card? With most transactions occurring using credit cards, by either a direct store purchase or over the internet, the best way to insure approval for a credit card is by securing it with a bank CD while you build up credit.
Do you need to cover cash flow gaps for your business and you don’t own a home? Having an unsecured line of credit or short term loan will help you maneuver around capital needs for your business. The basic requirements are that you have a good credit history and have the capacity to cover the debt service with verifiable income.
Are low interest residential loans a reality or a fantasy? A Reality!!! There are plenty of borrowers that can qualify for a fixed 15 or 30 year mortgage loan, but may be hesitant to try because of all the news surrounding the difficult financing market. The residential loan process takes about 45 days and is handled by seasoned veterans who have many years of experience in handling residential loans. With a conforming loan (amounts to $417,000) or a non-conforming loan (amounts to $2 million), borrowers can still take advantage of the current low rate environment and lock in a fixed rate.
As the current economic crisis continues to bring stress to almost every aspect of the business world, now more than ever you need the help and guidance of your local bank. We will analyze your options and give you what we believe are the best possible solutions to help you achieve your personal and business goals. Join us every Friday at our “business round table” located outside our branch in Weston, so that we can discuss and review your financing options.
