We specialize in Foreign National mortgages. If you're a foreign national looking to purchase a property in the US or refinance an existing mortgage in the United States, give us a call at 954-636-3783. We'll get your foreign national mortgage loan closed quickly, easily and with less paperwork.
Foreign National Mortgages
If you're one of many foreign nationals looking to pick up residential properties in the United States dirt cheap you are more than likely going to need a foreign national mortgage to help you purchase those US properties. The good news is that it is fairly easy for a foreign national to get approved for a foreign national mortgage in the US. Lenders will usually only go up to a loan to value of 65% on foreign national mortgages, so you will have to put a large down payment on the property. That means if the home is selling for $200,000, you would need a $70,000 down payment. If you have US credit and verifiable work income in the US the loan to value could be higher because you may be able to qualify for a Fannie Mae conventional mortgage although most foreign nationals use the stated income program at 65% to 75% LTV. A stated income foreign national mortgage means that they will not verify your income. They will also not usually verify your assets if this is the only property that you own in the US.
Interest rates on a foreign national mortgage are going to be a little higher than a Fannie Mae mortgage because it is a riskier loan for the lender to make. Think about it, you reside in a different country. The mortgage lenders offer 30 yr fixed rates and 3 & 5 yr adjustable rate mortgages if you think that you will not be holding onto the property that long.
If you are a foreign national and you purchase a home for cash in the US, you will have to wait at least a year to refinance and take out any equity that you may have. That is why foreign nationals are better off purchasing the homes with a foreign national mortgage instead of paying cash. I receive calls all the time from foreign nationals that paid cash for a US property a couple of months ago and now want to get that cash back out. I have to say, sorry, we can't do it. You'll have to wait a year from the date that you purchased the US property to pull out any cash.
It will take about 2 to 3 weeks to close on your foreign national mortgage once you submit your information to a mortgage broker so be sure and fax your signed sales contract to your mortgage broker as soon as you get it otherwise you could delay the closing.
Foreign Nationals-Don't pay cash for US property
Foreign nationals, don't make the mistake of purchasing a property for cash only to find out that you can't cash out on the property until you've owned it at least a year. Those are the guidelines for foreign national mortgages and a lot of foreign nationals are finding out that they are unable to get any cash out on the property that they closed on a few months ago. You are better off obtaining a foreign national mortgage to purchase the home and saving your cash. You can always refinance one year later to pull out any cash. Don't make the mistake of buying up US properties for cash and trying to refinance them within a year because it's not going to happen and you will only get frustrated searching for a bank that will let you pull out the cash so quickly after you purchased it.
Don't forget that we are your Foreign National Mortgage Specialists and we will help you get it right the first time. Now is a great time to purchase US properties because of the low US housing prices but be sure and do it right the first time.
Mortgage Refinance
Because of the subprime mortgage mess, mortgages are harder and harder to qualify for. If you have an adjustable rate mortgage (ARM) that will be resetting this year or next, you should refinance your mortgage now. Property values are going down and homes aren't selling. Mortgage interest rates are very low right now. In fact mortgage interest rates are about a point lower than they were a year ago.
Deciding to refinance mortgage loan is a very important decision and homeowners have different reasons for refinancing their mortgage. Let's look at 4 common reasons people refinance their current mortgage.
If you are paying too much every month for your mortgage it may be time to refinance. If you have a high interest rate it is a great time for a mortgage refinance as mortgage rates are very low. If you have made your payments on time and have a good overall credit score refinancing at a lower mortgage rate could lower your monthly payment and help you have more money at the end of the month.
If you have built up some equity in your home and you need to access some cash, refinancing your mortgage could be just the place to get that cash. Moat lenders will let you take cash out up to 90% of the value of your home. That means if your home appraises for $100,000 you could get a mortgage of up to $90,000.
Common reasons to pull out some cash on the equity of your home could include paying for your daughters wedding, home improvements, taking a vacation, paying off a second mortgage, or paying for college tuition.
If you have an adjustable rate mortgage (ARM)that has adjusted you should refinance into a fixed rate mortgage asap.
One other reason that people look at refinancing is to shorten the length of the loan. That is commonly done when you want to go from a 30-year loan to a 15-year loan although if you have a great rate on a 30 yr fixed rate mortgage, you should just pay extra towards the principal instead of refinancing mortgage.
You can find great local Sunrise, Florida real estate information on Localism.com Sandra Sheely is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
With the mortgage meltdown and with US property prices dropping quickly now is the perfect time for foreign nationals to pick up residential properties in the United States dirt cheap. Not only are the properties cheap but it's super easy to qualify for a foreign national mortgage in the US......
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