shaggly

Hello everybody
I wonder if anyone can help me with some information .
I am currently looking to buy a condo on clearwater beach as a holiday home and would like to raise a mortgage in US dollars to protect against currency movement .
Does anybody know of a good lender either in the UK that will offer a US mortgage at decent rates or of one based in the US that can lend to non resident aliens ???
Unless someone wants to lend me the money themselves !!!!!
Thanks very much .

dunroving

Where do you live?

If you are a "nonresident alien" living in the US on a work permit, many US lenders will give you a mortgage.

shaggly

Hi ,
i live in london and i want to buy the place just to have a base there as i usually go to florida 2 or 3 times a year for holidays . I wouldnt be spending much more than 3 or 4 weeks a year there so i dont know if that will cause difficulties .

Also on another note is it possible to get other stuff like cable tv / car insurance etc etc on short term basis rather than 1 year contracts ???

Thanks for the help.

Manc

Car insurance is going to be for the policy term no matter what either 6 months or 1 year depending on the company.

However, you CAN suspend all liability coverages and leave storage insurance on it only (commonly called Comp only) for the time you are out of the country, and reinstate it when you are in the country.

Still, with just a UK license don't expect car insurance to be cheap.

krizzy

Our cable company turns our cable off for up to 4 months at a time.....they tell us its $14 each time they do it....but so far they have never charge us anything.......

Ray

Clearwater beach is very expensive ...
Why a condo ...far better off with a proper house ...

Mortgage ..no prob.. contact http://www.expressfinancial.biz/efb/en_firsttime.htm

tell them Ray sent you .....

Ray

Only Allstate and State Farm will do that in Florida ...
You will need to get a Florida licence..

shaggly

Thanks i guess theres a humungous list of things that i have to think about .

still it will be worth it in the end .

Anyone got any thoughts on a mortgage provider , best rate i got so far from the UK was 6.01 pct floating 5yr fixed at 6.625 or 30 yr at 7.75 seems a bit harsh with FED rates at 3.25 and the money market trades at 5.04 for 30 yr at the moment .

Ray

If you are only going to spend 3/4 weeks here ..I don't see the point
you could rent something for that period for less than the cost of you car insurance..

shaggly

Thanks Ray ,

i originally was thinking of a house but as i will probably only be using it for 4 weeks in the year i figured less worries about maintenance and leaving it empty .
And yes it is horribly expensive but i guess you get what you pay for , its all location location location and i cant see a beach front every really losing much money .
How is the housing market there at the moment is it a sellers or a buyers market just wondering how much below the asking price i can get away with bidding percentage wise .

shaggly

Valid point .
I was planning to get a 65 mustang convertible as i figured that it would be awesome to drive around in and it wouldnt depreciate .
You are probably right financially but i get all carried away

krizzy

There are two different camps giving advice on the housing market....one says every home will be worth 5 million within the year.....the other says you'll be able to pick up a home soon for the same price as one of those very nasty little square cars people think they look so cool driving..!....myself....I think people just like the sound of their own voices......and that really no-one has any idea what the market will do.....so if you like the house and you can afford it.....buy it.....if its value is important to you and you can't affort it....don't buy it......

Ray

Condo are not greatly loved by a lot of people because of the high maintenance charges..but they do sell to the old and decrepid.. retirees from northern states.. prices are I think getting near the top end ..but who knows.. A friend put a house on the market for $247k and it sold for $251K
so you never can tell... and check the property tax.. you as a non resident will have to pay top dollar..

65 mustang ..drum brakes .. rather you than me .. and that will cost not far of the price off a new one

Manc

excellent.

krizzy

I thought it was a very good post myself......but for from execllent....