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Getting a Mortgage

Getting a Mortgage

Old Mar 29th 2012, 1:29 am
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Default Getting a Mortgage

Hi All,

I need some advice please? I got my greencard in November 2011 and have worked for a company from Jan 2012 up to March 17th then decided to go back to the company (US Company) I worked for in the UK (previously for 5.5 years) now based in the US workforce. I've been renting since I moved to the U.S. and would like to buy a house. Do you know of any companies who would give a mortgage out based a job offer and previous company pay stubs? I have 720 on my credit record and have a lease car plus an Amex card in the US.

Thanks in advance,
Aaron.
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Old Mar 29th 2012, 11:54 am
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Default Re: Getting a Mortgage

I'm afraid I don't. Where are you planning on buying? I would guess some additional people are people who specialize in relocation of expats in that area. It is part of their business to know how to do this. I know Houston has several realtors who specialize in this.
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Old Mar 29th 2012, 11:56 am
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Default Re: Getting a Mortgage

Originally Posted by Mr Weeze View Post
I'm afraid I don't. Where are you planning on buying? I would guess some additional people are people who specialize in relocation of expats in that area. It is part of their business to know how to do this. I know Houston has several realtors who specialize in this.
Hi there, I'm looking at Lower Bucks County, PA. There are some nice properties and want to take advantage of the deals while we have the low interest rates.
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Old Mar 29th 2012, 12:16 pm
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Default Re: Getting a Mortgage

I found this:

Residential Real Estate
Kristi Assiran, Realtor
Prudential Fox & Roach
763 W. Lancaster Ave. Ste. 200
Bryn Mawr, PA 19010
610-246-0076 / 610-771-4215 fax
kristi.assiran at prufoxroach.com - change at to @
www.assiran.com

They have a relocation section on the website, so it may not be complete rubbish. I have no idea about them though.

On this site:

http://www.faccphila.org/resources_business.html
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Old Mar 29th 2012, 12:19 pm
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Default Re: Getting a Mortgage

Originally Posted by Mr Weeze View Post
I found this:

Residential Real Estate
Kristi Assiran, Realtor
Prudential Fox & Roach
763 W. Lancaster Ave. Ste. 200
Bryn Mawr, PA 19010
610-246-0076 / 610-771-4215 fax
kristi.assiran at prufoxroach.com - change at to @
www.assiran.com

They have a relocation section on the website, so it may not be complete rubbish. I have no idea about them though.

On this site:

http://www.faccphila.org/resources_business.html
Thanks for the info, I'll have a look
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Old Mar 29th 2012, 1:49 pm
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Default Re: Getting a Mortgage

Best to talk to (any) loan officer/lender/mortgage broker; go with 'this is what I have, is there anything which you can do for me?' stance.
What you have so far should give a loose pre-qualification as a ballpark, but ideally you want a concrete preapproval to really know your purchase ability. Its debt to income ratio they go by. They'll more than likely want tax returns from the previous two years. (Unless you've already filed this year's return, its not an 'official' return)
In terms of timeframe, switching jobs like that normally shouldn't affect anything, they will want to verify current employment and pay etc as part of the loan process and underwriting; its done twice - during your application and usually day or two before closing. It could be more concerning if you were switching jobs during the period you applied for the loan and intending on closing on a property, especially if you were undercontract on a place.

imo "Relocation" on someone's website doesn't mean anything special nor does it mean they're better than anyone else, agentwise.
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Old Mar 29th 2012, 1:59 pm
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Default Re: Getting a Mortgage

Originally Posted by Tarkak9 View Post
Best to talk to (any) loan officer/lender/mortgage broker; go with 'this is what I have, is there anything which you can do for me?' stance.
What you have so far should give a loose pre-qualification as a ballpark, but ideally you want a concrete preapproval to really know your purchase ability. Its debt to income ratio they go by. They'll more than likely want tax returns from the previous two years. (Unless you've already filed this year's return, its not an 'official' return)
In terms of timeframe, switching jobs like that normally shouldn't affect anything, they will want to verify current employment and pay etc as part of the loan process and underwriting; its done twice - during your application and usually day or two before closing. It could be more concerning if you were switching jobs during the period you applied for the loan and intending on closing on a property, especially if you were undercontract on a place.

imo "Relocation" on someone's website doesn't mean anything special nor does it mean they're better than anyone else, agentwise.
+1
Have you ever had a mortgage in the UK? This really helped me - I did have over a years credit history which apparently was enough to satisfy the underwriter.

I'd recommend going to a smaller lender where you can get your information put in front of an underwriter rather than a big company where it's probably all computerized and you'll be denied as you won't tick all the boxes (not saying that's always the case but your chances are better with a smaller lender). My loan was sold to Wells Fargo after 5 days anyway (apparently very common here).
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Old Mar 29th 2012, 2:02 pm
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Default Re: Getting a Mortgage

Originally Posted by Bink View Post
+1
Have you ever had a mortgage in the UK? This really helped me - I did have over a years credit history which apparently was enough to satisfy the underwriter.

I'd recommend going to a smaller lender where you can get your information put in front of an underwriter rather than a big company where it's probably all computerized and you'll be denied as you won't tick all the boxes (not saying that's always the case but your chances are better with a smaller lender). My loan was sold to Wells Fargo after 5 days anyway (apparently very common here).
Oh thats extremely interesting. Yes I still have my home in the UK.
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Old Mar 29th 2012, 2:22 pm
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Default Re: Getting a Mortgage

Originally Posted by jupiteruk View Post
Oh thats extremely interesting. Yes I still have my home in the UK.
Providing proof of my UK mortgage was make it or break it for me. I had the UK bank write a letter stating I'd had it for 5 years and never missed a payment. I also had to pull a UK credit report to verify that.
Mine was rented out and breaking even when I bought in the US and they allowed me to buy still having that mortgage (I sold my share of it to my ex 3 weeks later in any case but my point was that having it didn't adversely affect me, quite the opposite).

Good luck!
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Old Mar 29th 2012, 2:24 pm
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Default Re: Getting a Mortgage

Originally Posted by Bink View Post
Providing proof of my UK mortgage was make it or break it for me. I had the UK bank write a letter stating I'd had it for 5 years and never missed a payment. I also had to pull a UK credit report to verify that.
Mine was rented out and breaking even when I bought in the US and they allowed me to buy still having that mortgage (I sold my share of it to my ex 3 weeks later in any case but my point was that having it didn't adversely affect me, quite the opposite).

Good luck!

Thanks Bink for your advice.. I will call a mortgage advisor shortly
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Old Mar 29th 2012, 3:07 pm
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Default Re: Getting a Mortgage

Has anyone ever used those mortgage companies on that bank rate site? When I've done a rate comparison, the companies with the lowest rates seem a little flighty in that a) they aren't the BIG banks and b) I've never heard of some of them (which doesn't say much as I never heard of lots of companies ). Just curious as to whether they are fine upstanding companies or just trying to con us by getting us to sign up and you don't actually stand a chance of getting a mortgage with them.

CWT
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Old Mar 29th 2012, 6:37 pm
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Default Re: Getting a Mortgage

I am also keen to find the best way to raise some money to purchase a property in the US. We are currently renting our UK home and this pays for our rent in US. We have no mortgage on UK house since Jan '12. Has anyone tried to remortgage their UK house to use money to buy in US? We want about £100,000 to purchase a buy to let in US, this is approx. A third of what the UK house is worth.
Or is their a simpler way? We have only been in US 6 weeks and husband is self employed and i am at home with the kids, so i guess getting a mortgage here may be impossible? Husband is working for landlords renovating their properties and we have seen what a good rental income can be made!
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