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......
Want To Know The Secret To Higher Conversions From Your Pay Per Click (PPC) Advertising? Has Adwords Been Eating Up Your Advertising Dollars? An Effective Capture Page Can Change All That......
There are not as many varieties of mortgages as there were even a year ago. Adjustable rate mortgages (ARM) are a thing of the past. Borrowers now want the stability of a fixed rate......
Prepayment penalties are unheard of on Fannie Mae Mortgages but are almost a given on a subprime mortgage. What are they? Prepayment penalties are fees that a subprime borrower usually has to pay if he pays off his mortgage during the first 2-3 yrs. The penalty is usually six months worth of monthly interest......
Commercial property owners know all to well the stress of managing multiple payments on multiple commercial properties. It's called cash flow and every successful business needs a good source of it. If you own commercial real estate you may not have to look any further than the commercial property that you own for a good source of cash flow......
As if declining property values haven't been enough of a hit to anyone that purchased a preconstruction property now they may have to worry about obtaining financing on it. A preconstruction property, for those of you that have been in a time capsule for the last 5 years, is a property that you purchase before it is constructed. You sign a contract......
You can sell your home yourself with FSBO real estate listing. For Sale by Owner puts more money in your pocket! Why pay a real estate agent when you can sell your home yourself......
Record high foreclosure rates in the second quarter
were reported in Los Angeles, Seattle, Miami and New York, according to a
report issued by PropertyShark.com.
Los Angeles led the four cities with a 282.01% increase in the second
quarter compared to last year's Q2. Los Angeles reported a record...
Speaking at a conference in Israel, Federal Reserve board
Governor Frederic Mishkin said he currently sees an "upside
risk" to inflation expectations and that the Fed wants to contain those
expectations.
"U.S. inflation has risen recently, largely because of these sharp
increases in global commodity prices. Ho......
After last week's highly-anticipated Federal Reserve rate decision, in
which rates were expectedly left on hold, markets have shifted their
attention to the upcoming European Central Bank rate decision on
Thursday.
Mortgage rates continued to set record 2008 levels
with long term rates moving up slightly during the week ended June 26,
and short term rates increasing modestly but in double digits.
Mortgage applications increased 3.6 percent on a seasonally adjusted
basis and...
Employment data from the United States and the
Department of Energy's weekly inventories report will highlight the North
American data on Wednesday as markets prepare for U.S. nonfarm payrolls
on Thursday. In the afternoon, markets will also be paying attention to
comments from Fed Governor Frederic Mishkin.
Economists appear to be unanimous in their calls for increased
downside risk to Thursday's BLS nonfarm payrolls report,
following a weaker-than-expected ADP private employment report for June.
ADP figures showed a decline of 79k jobs in the month against
expectations of only a 20k loss following three months of upside
......
CIT Group announced on Monday that it was selling
both its home lending business and its manufactured-
housing division.
The lending business which has total assets of $9.3 billion as well as
servicing operations will go to Lone Star Funds for $1.5 billion. In
addition, Lone Star will assume $4.......
Rumors were swirling about another major Wall Street player on Monday
as Lehman Brothers Holdings Inc. stock fell 11
percent.
The stock reached the lowest level it had seen since 2000 as the
Street's second smallest Wall Street firm was the subject of speculation
that it was in trouble and, like Bear Stearns, m......
U.S. nonfarm payrolls declined for the sixth straight
month, falling in line with expectations by a total of 62k jobs in June,
according to the Bureau of Labor Statistics on Thursday. May's jobs
figure was revised to a loss of 62k jobs from an initially reported loss
of 49k jobs.
The U.S. manufacturing sector halted a four-month
trend of deterioration and rebounded into growth mode at 50.2 in June,
against expectations of a decline to 48.5, according to the ISM
manufacturing survey released on Tuesday morning. Despite the headline
advance, prices moved up to the highest level since July 1979, at ......
With the stock market dipping and even Marks and Spencers not doing very well you would think that the Government would do something to help. This is unlikely though and realistically there is not much they can do. The Bank of England along with other world banks have reduced the base rate but all this seems to have done is increased the Banks prof......
Interest rates in the UK have continued to rise over the last few months despite the Bank of England base rate remaining stable. Recent reports show that the cost to lenders for mortgages is continuing to go up, with lenders increasing rates as recently as the last few days......
Before going for a mortgage loan from a bank it is compulsory for you to understand mortgage loan amount and interest. There are many nationalized banks providing cheap interest rates and huge loan amounts......
How does a reverse mortgage work is a question you are hearing more often. Reverse mortgages offer individuals 62 and over another alternative for income. Get the answer to the question, how does a reverse mortgage work......
What better day to talk about obtaining your financial independence than on Independence Day! I don't think our forefathers ever considered the right to a reverse mortgage when framing the Bill of Rights and our Constitution........
The Ameriquest Mortgage Company was one of the leading lenders in the United States lending scene. Founded in 1979 in California as a bank then called Long Beach Savings and Loan, it was converted to become a mortgage lender in 1994 and was renamed Long Beach Mortgage Co. The business had two divisions with its retail part being privately run and c......
Fixed rate loans offer the security of a monthly payment rate that will not fluctuate over time, so that you can more easily budget for it each month. The typical term for a fixed rate loan is thirty years, but there are other terms such as fifteen or twenty year loans that allow you to pay less interest and pay the loan off sooner. You can look ......
Homeowners sometimes find that after they have moved into their dream home, the atmosphere may not look as good as when they first looked at the home. The last thing they need is a long list of updates that arise out of the blue. Comfort is what a homeowner seeks and sometimes that comfort needs to be created......
High costs of housing have made it a general rule for people intending to buy a home to apply for a home mortgage. Arranging proper finances for a mortgage is perhaps the most arduous task while venturing to build and own your house. Proper finances here implies that a borrower has full knowledge of the various mortgage options available in the m......
Finding commercial property in London can be easy, with good advice. However, companies looking for an efficient office move often make mistakes, turning their office relocation into an unnecessary drama......
Conventional or non-serviced offices can offer many benefits to companies of a particular size. While the initial outlay might be greater than that of a serviced office, the running costs can prove far more cost-effective......
Moving to new commercial office space can be fraught with potential pitfalls that are easily overlooked when the pressure is on. Many of these mistakes are common sense and with a little forethought are largely avoidable......
Businesses of all sizes are drawn to London. The capital is the global centre for many diverse industries and is full of attractive commercial property......
The recent changes in Britain's economy obviously have an effect on many businesses located in London. These changes, an inevitable part of any business, can manifest themselves in different ways: company growth, downsizing, out-sourcing of extra staff and even businesses that feel they need to become part of London's skyline for the many benefits......
My business partner and I are looking to buy new commercial premises. I want to buy my share using my SIPP but my partner does not have one. Is it possible for a SIPP to purchase a property with a non-SIPP co-owner......
The slowdown in the real estate sector has not been able to stop the affluent from buying a house at sky-rocketing prices in central Delhi's swanky locality. Though the inflation is on an all time high but it has hardly made a difference to the well-heeled. According to media reports, in the last two months, three high value transactions have b......
The nation's financial capital Mumbai has so far been witnessing skyrocketing real estate prices. But as population is escalating at the same pace and people are pouring from all over, the city is struggling to fit them all......
Pune real estate market is rapidly growing following the Indian real estate trend. The real estate activities are happening at extensive rate in commercial sector of the city......
Owing to IT related developments there has been an upward trend in Pune's real estate. There is obviously a huge demand for commercial and office space and residential houses and apartments......
Learn about how discounted rates for commercial mortgage loans are only offered through The Mortgage Store Online and other brokers, and the savings discounted rates give you in commercial mortgage payments......
The Mortgage Store Online reports that rates for commercial mortgage loans have risen this month, on May 24, 2007. Learn what the current commercial mortgage rates are, and how much they affect the cost of mortgage loan payments......
This article covers the 4 main reasons you should refinance your commercial real estate with a mortgage loan: To get equity taken out, to get debt consolidation, to get a line of credit, or because your mortgage loan term is over......
Want to reduce your loan principal and save money? Read advice from professional mortgage agents on some of the best ways to pay off your commercial mortgage before your due date, and pay less than what you would have before......
Before you immediately apply for a commercial mortgage loan, do some advance planning so you can qualify for a much better mortgage plan. This includes saving for a down payment, increasing your income, and fixing bad credit......
In need of refinance mortgage loan assistance for your commercial real estate? There are numerous refinance loan choices based on your qualifications, plus the mortgage terms, rates and payments you want. Learn about which loan plan is best for you......
Falling too far behind on your commercial mortgage payments can result in foreclosure, with your investment gone and poorly affecting your credit rating. Learn from The Mortgage Store Online about the best ways to avoid falling behind and catch up on commercial mortgage loan payments......
You have many options of commercial equity loan types you can use to get cash out of your property - you can choose a type of equity loan by payments, terms, rates, qualifications, and the amount of equity you want to take out of your property......
Many people have paid uncessarily for consultations from a commercial loan broker, or received incomplete information on commercial mortgage loan services. To get the best deal for yourself, come with this checklist on what to expect for mortgage information and advice - all that should be given to you for free.......
