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Embassy Club, the most complete residential complex in Panama City, created for those who love nature. It has a Spanish Colonial style, in which its architecture is intertwined with the landscape of exuberant vegetation and is made up of approximately 35% of plant areas and protected species. Units range from 3-4 bedrooms and 2.5-4.5 bathrooms with 2,162-2,969 sf. This exclusive community offers a private club and a “Neighborhood Center”: a convenient shopping plaza that can be accessed with a walk and that will have basic shops such as Arrocha Pharmacy and Banco General, among others. Lifestyle Center amenities include: Residential Spa & Fitness Center, Cafe, Ballroom, Owner’s Lounge, Game Room, Swimming Pools, Tennis Courts, and a Putting Green. Agendas can be put together through the Concierge Desk including activities (all with personalized attention): Tennis Classes, Croquette, Piano, Golf (short game on putting green), Karate, Swimming, Diving, Yoga, and Pilates. Unit pricing ranges from $580,000-$785,000, to fit all of your needs.
So you’ve decided to buy! Congrats, that’s great!
Here are some great tips to get you on your way to ownership.
Take into account the average down-payment is 10%. 10% is not required, but the loan amount and approval will fluctuate depending on the percentage you put down. Determine how much you can pay for your monthly mortgage. Outline your expenses and be honest with yourself about what you can reasonably afford. Also, ask yourself what happens if you lose your job? Or if you’re part of a couple, what happens if your spouse loses their job?
Once you’ve got your budget in order, it’s time to go shopping for a loan. Visit multiple lenders to weigh your options and find the best deal. Each bank will determine if you are eligible and at what interest rate you will be charged. based on your financial situation. Make sure to ask questions such as what the breakdown of the monthly payments will be once you have made your down payment, how the loan term will affect your monthly payments, whether or not the interest rate is fixed or variable, if home insurance or any other services are included within the home purchase amount.
Have a current Pre-qualification letter and good faith deposit funds available. Technology makes it easier than ever for your real estate agent to draft and transmit a purchase offer back and forth for your signatures. But, this is only one piece of the puzzle. You also need a current pre-qualification letter, and ready access to your good faith deposit. This can be obtained from the bank and confirms their willingness to give you a loan. Most sellers won’t accept a letter that’s more than three months old. If your home search lasts for more than three months, you’ll need an updated pre-qualification letter. When you submit your offer, it must include a check for the good faith deposit. Generally, good faith is at least 3% of the purchase price. This check will be deposited into an escrow account within three days of an accepted offer.
Always make sure to do your homework and learn the history on a property you are interested in. Does the neighborhood have a high crime rate or a new highway/major road being constructed nearby that could be affecting the price? Is the heating, plumbing, roofing and window work in good condition? Those hidden problems can lead to major expenses in the future - post purchase. Ask your realtor for a property condition report and and see if the home comes pre-inspected. If not, we highly recommended to get and inspection before the purchase is complete. Being “in-the-know” and taking the extra steps can save you money and headaches in the long run.