American Mortgages
#1
Just Joined
Thread Starter
Joined: Jan 2009
Posts: 2
American Mortgages
We have just moved to the states, myself being English and my wife being American. Sold house in UK (phew) so have money for deposit for a mortgage and my wife has a well paid job. We went to a certain bank and are being asked more questions than the visa process :curse:, any advice???
#2
Re: American Mortgages
We have just moved to the states, myself being English and my wife being American. Sold house in UK (phew) so have money for deposit for a mortgage and my wife has a well paid job. We went to a certain bank and are being asked more questions than the visa process :curse:, any advice???
#3
Joined: Jan 2008
Posts: 7,605
Re: American Mortgages
We have just moved to the states, myself being English and my wife being American. Sold house in UK (phew) so have money for deposit for a mortgage and my wife has a well paid job. We went to a certain bank and are being asked more questions than the visa process :curse:, any advice???
Barring the need to get an "international credit report" you may not be as unconventional as you think. We ended up getting an FHA mortgage from our little local bank.
#4
Re: American Mortgages
we completed our mortgage in November. It was the most hassle we have had since being here. much much worse than a UK mortgage. There were a billion questions - so you may just have to suck it up.
#5
Re: American Mortgages
I suspect that anyone that has taken out a mortgage since August would have jumped though hoops. Everything has tightened up considerably since then due to the credit crisis.
#6
Joined: Jan 2008
Posts: 7,605
Re: American Mortgages
Of course, our realtor screwed up the closing, a bit, but that was a separate issue.
#7
Re: American Mortgages
Even if you get approved etc, protect your earnest money right until the end....
I am hearing nightmare stories where the bank changes their mind and decides not to do the loan when people are at the table (even though the buyer had fico's in the 800's). Banks are (plead the 5th) these days.
I am hearing nightmare stories where the bank changes their mind and decides not to do the loan when people are at the table (even though the buyer had fico's in the 800's). Banks are (plead the 5th) these days.
#8
I love Marmite, she don't
Joined: Jan 2005
Posts: 454
Re: American Mortgages
The problem here and THIS IS VERY important. The skill set of the people that work in Branches is pretty shoddy to say the least. Don't go into a Branch - it's waste of time.
Apply on-line.. Lots of banks... good time to borrow. Don't let them screw you on banks. WHo is your UK bank with? Maybe they partner. Mine did went Suntrust / Barclays were linked - but that was 12 years ago !!
Apply on-line.. Lots of banks... good time to borrow. Don't let them screw you on banks. WHo is your UK bank with? Maybe they partner. Mine did went Suntrust / Barclays were linked - but that was 12 years ago !!
#9
Joined: Jan 2008
Posts: 7,605
Re: American Mortgages
The problem here and THIS IS VERY important. The skill set of the people that work in Branches is pretty shoddy to say the least. Don't go into a Branch - it's waste of time.
Apply on-line.. Lots of banks... good time to borrow. Don't let them screw you on banks. WHo is your UK bank with? Maybe they partner. Mine did went Suntrust / Barclays were linked - but that was 12 years ago !!
Apply on-line.. Lots of banks... good time to borrow. Don't let them screw you on banks. WHo is your UK bank with? Maybe they partner. Mine did went Suntrust / Barclays were linked - but that was 12 years ago !!
You seem to shout a lot. Are you mental?
#10
Re: American Mortgages
The problem here and THIS IS VERY important. The skill set of the people that work in Branches is pretty shoddy to say the least. Don't go into a Branch - it's waste of time.
Apply on-line.. Lots of banks... good time to borrow. Don't let them screw you on banks. WHo is your UK bank with? Maybe they partner. Mine did went Suntrust / Barclays were linked - but that was 12 years ago !!
Apply on-line.. Lots of banks... good time to borrow. Don't let them screw you on banks. WHo is your UK bank with? Maybe they partner. Mine did went Suntrust / Barclays were linked - but that was 12 years ago !!
#11
Re: American Mortgages
We jumped through so many hoops I am now a member of a travelling circus
We went with the bank who we opened our bank accounts with thinking that they already knew us (a bit) and at least appreciated that we were from a foreign land. 3 weeks before closing they changed their 'rules' and were no longer offering loans to anyone without a credit score (which we did not have at the time).
We then went to 2 others who both promised the earth and then dissapointed us at every turn. On one day alone we faxed (yes the u s of a is very much into 80's technology) 86 pages of paperwork to them of which they lost or misplaced every other page it seemed.
We did finally close on time but not without headaches, stress and many many arguements (with each other and the bank!!).
To add our point of view 'GOOD GOD MAN DON'T DO IT ONLINE' at least if you go to a branch you have a somewhat human person to shout at
P.S. I worked for a Building Society in the UK and we were used to arranging 'unconventional' loans to expats, bankrupts, self-employed etc. and could appreciate the differing paperwork from folk but over here you will have to explain everything in baby-talk as they just don't get it.
We went with the bank who we opened our bank accounts with thinking that they already knew us (a bit) and at least appreciated that we were from a foreign land. 3 weeks before closing they changed their 'rules' and were no longer offering loans to anyone without a credit score (which we did not have at the time).
We then went to 2 others who both promised the earth and then dissapointed us at every turn. On one day alone we faxed (yes the u s of a is very much into 80's technology) 86 pages of paperwork to them of which they lost or misplaced every other page it seemed.
We did finally close on time but not without headaches, stress and many many arguements (with each other and the bank!!).
To add our point of view 'GOOD GOD MAN DON'T DO IT ONLINE' at least if you go to a branch you have a somewhat human person to shout at
P.S. I worked for a Building Society in the UK and we were used to arranging 'unconventional' loans to expats, bankrupts, self-employed etc. and could appreciate the differing paperwork from folk but over here you will have to explain everything in baby-talk as they just don't get it.
#12
Re: American Mortgages
On one day alone we faxed (yes the u s of a is very much into 80's technology) 86 pages of paperwork to them of which they lost or misplaced every other page it seemed.
We did finally close on time but not without headaches, stress and many many arguements (with each other and the bank!!).
We did finally close on time but not without headaches, stress and many many arguements (with each other and the bank!!).
#13
Re: American Mortgages
hee hee - the Bank of America banner at the bottom of the page is almost prophetic