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Applying mortgage in US

Applying mortgage in US

Old Nov 26th 2012, 11:30 pm
  #16  
 
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Default Re: Applying mortgage in US

Originally Posted by Bob View Post
Was that in the last 4 years?

Sure it's still doable these days, but you'd need a hefty deposit.

Either way, for someone just to go to uni, it's a pretty shit investment.
It was more than four years ago. The OP didn't ask for investment advice just if getting a US mortgage was possible.
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Old Nov 27th 2012, 3:27 pm
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Default Re: Applying mortgage in US

Thanks everyone for your response. I will look up something myself and wish me luck
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Old Nov 29th 2012, 1:37 pm
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Default Re: Applying mortgage in US

Originally Posted by PegsC View Post
Can someone please tell me which bank in the US would accept non-residents mortgage? I currently lived in Hong Kong and would like to buy a US property as a second home for my daughter who will be going there for University in about a year time. I wonder if any banks would lend to a non-resident. Any advise would be appreciated.
HSBC, LLyods Offshore would be able to help amonst others. I've conducted many non-resident mortgages in the US. If you are still in need of assistance let me know.
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Old Dec 4th 2012, 3:19 pm
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Default Re: Applying mortgage in US

Originally Posted by marbella-james View Post
HSBC, LLyods Offshore would be able to help amonst others. I've conducted many non-resident mortgages in the US. If you are still in need of assistance let me know.
So you are a broker?
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Old Dec 4th 2012, 3:32 pm
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Default Re: Applying mortgage in US

Just been through this to see if it's feasible to move from renting to buying.

Caveat - I'm on an L1. Looking to buy an average-sized property in Santa Clara - median house-price in the area right now about $750k. High-end average salary for the tech-sector (25 years IT experience - not management).

Bank of America - yes, but with strings attached. 35% deposit, 1 years payments held in reserve in a BofA account, 1.5% above standard interest rate. But, I have an approval letter.

Two credit unions - yes, but again with strings attached. 25% deposit, variable rate only for first two years; then move to fixed rate if allowed. Again, I have the approval letter.

HSBC Premier - No. Require minimum checking-account balance of $250k, "application" fee of $100k, 3 years payments held in reserve, 40% deposit. Oh - and they'd like me to juggle upside-down whilst gargling a glass of treacle. I cannot speak too low of HSBC NA for many reasons - they've just given me another.

Wells Fargo - "Why do you need a mortgage ? Most people round here are cash buyers at the moment...." And this is true. Many of the Tech companies are handing out cash to "assist" incomers to buy when they arrive; either lump-sum or paying for mortgage/rent for 2-3 years. Crazy. But, eventually, they did offer me a variable rate, 35% deposit with no other strings. Not at the regular branch though - had to go through their HQ.

Conclusion - not going there. The hassle associated with buying as opposed to renting, the fact that our life-savings would be tied up in the deposit and also that there is a HUGE bubble in the Bay Area and we would be totally covered in the brown stuff if it burst made us think.

Housing market is not quite as broken as it was in 2008 for sure, but certainly in the Happy Valley, it is on the blink IMvHO
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