Rete

When we bought our house last year, we went to the bank we deal with for our accounts first to see what interest rate on a mortgage we could get. The real estate agent who helped us with the search for our home, also had a number of contacts we might have used to shop for a more favorable rate if needed. Since our rate was only in the 2 plus fraction rate, we stayed with the bank we deal with.

Connecticut2014

Doesn't matter. Loans are all about the loan to value ratio. I know what houses cost thanks.

audi4t

Deposit of less than 20 % requires PMI

Increases cost of loan

Brat1

Yeah, unfortunately we are stuck with that, I think our PMI costs around $285 a month which we could well do without, but hopefully we should soon have paid of the 20% to bring it down to 80% and get rid of it. Once again, the only thing I can see as an issue would be the lack of credit here in the States, you obviously know where you're going to live and the cost of the houses there, so maybe the more of a deposit you can afford, the likelihood of being successful increases.

Good luck anyway

Markoncarp

For someone who is asking for information, you are certainly a bit shirty today.



I'm just closing on a house, on an L1. We have been in the US for close to 2 years.

Work with a smaller company - the bigger ones will make you jump through hoops beyond what is reasonable. We worked with First National and have been over the moon. We were with Citizens up until a few weeks ago... that was a nightmare.

We had a significant deposit. That helped.

sir_eccles

Having an account with the lending bank often gets you deals on closing costs. Ours amounted to something like $700 in fees we didn't have to pay.

Derekdunn1873

I have been in the USA (Boston) for 2 years now on an L1, I was told to rent first for a year as a mortgage without a credit rating would be tough.

6 months after arriving my first credit rating posted and we started looking, we bought after being here for 10 months.

Amex do an international transfer of a credit card you have in the UK, so you get an instant boost to the credit rating, Id do that, as well as getting a secured credit card from someone like BOA (1k paid to them up front which you get back after a year).

20% is the magic figure for a deposit to avoid PMI, where I am in Boston sellers would turn down immediately a buyer with less than 20% as PMI is an chance of the sale not going through, if any other buyer had over 20% for their offer...

I just found a local mortgage broker through my realtor, 3.6% fixed for 30 years, so pretty happy with my deal!

hungryhorace

I have to ask, don't you feel very temporary on such a visa? I felt very insecure being here on an L1, and would never have purchased a home on that status. I presume you're adjusting to PR status at some point?

Where did you buy if you don't mind me asking?

Derekdunn1873

Lived in Beacon Hill for the first year and bought between porter and union square in Somerville, my other half wanted a garden to grow stuff...

There was never a chance of work not keeping me here, due to me having niche knowledge that doesn't exist elsewhere, so I am in a special position maybe, doing GC at the moment...

hungryhorace

Sounds like everything is working out fine. Cheers for the update