As an overseas real estate investor, you will quickly find out that the US property market is relatively inexpensive, with a wide range of homes on offer. However, this does not mean that purchasing a property in the US is without hurdles. To begin with, you need access to a home loan or mortgage. This can prove to be difficult if you are a foreigner, or an ex-pat living in the US. Thankfully, it is not impossible for overseas investors to secure home loans in the US. Our complete guide to loans for overseas investors will help you move closer to your dream of real estate investment in the US
1. Consider overseas mortgage
Overseas mortgage, or a loan sanctioned by an American lending institution, is not a far-fetched idea. There are a number of American banks that issue loans to foreign applicants if they meet income, age, visa, and other criteria. Having a good credit history in your home country also helps quite a bit. The American loan market is very specialized, and banks usually sanction loans quickly if you are found to be eligible. Choose the services of a mortgage broker to gain inside access to the best home loans in the US. They can help you get a loan that offers the best interest rates and loan terms.
Pro tip: Make sure to get all your documents in order, especially if they are in a foreign language. An authorized or certified translation into English from a foreign language is usually necessary.
2. Negotiate with the seller
Private sellers sometimes agree to negotiate, especially if they are hard-pressed to sell. You may negotiate with your seller on loan terms, after making the down payment. Those who have immediate cash requirements often agree to such arrangements due to personal exigencies. The result of your negotiations should not just be oral and must be entered into a written legal document. Payment terms should be clear to both parties.
Pro tip: Negotiations are often part of a real estate investment deal. If you are not confident about negotiating, make sure your property broker does it on behalf of you.
3. Apply for a refinance loan
If you already own a property in your home country and have paid a certain amount towards its mortgage, you may qualify for a refinancing loan. A refinancing loan is sanctioned based on your home equity and will help you get rid of your initial loan while making it possible for you to invest in a property in the US. This is one of the easiest and cheapest ways to finance your property in the US.
Pro tip: Refinancing your existing property to invest in overseas estates is a great way to increase your portfolio.
Why you need professional assistance for a property loan in the US
There are a number of hurdles to securing a loan in the US. These include differences in the loan application process and American banks’ skepticism about foreign credit history reports. Local US lending institutions naturally lean towards sanctioning loans to individuals who have a solid US-based credit score. Here is where mortgage experts come to your rescue. They help you build your loan application and make sure that you gain access to the best mortgage products.
Specific things that mortgage experts do for you:
- Advise you regarding improving your credit history report
- Provide guidance to collect the most important documents required for processing your loan
- Make signing disclosures and application forms easier and smoother
- Provide personalized assistance while filling up forms and suggest options that help reduce stress
- Help you navigate through bureaucracy and skirt complex loan application procedures
- Dispense insider information regarding the best loans available for your specific needs
The right mortgage experts can make your real estate dream come true
There are multiple options to finance your property in the US. The easiest and most reliable is an overseas loan sanctioned by an American lending institution. A professional mortgage brokering service such as ours will help you get that loan quickly without any hassles. You can eliminate complex procedures, confusing application forms, and hurdles during documentation verification.
Contact us today to move one step closer to purchasing an American home.