Mortgage overview
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
|
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
Thanks! |
Re: Mortgage overview
How do you think this information can be used?
I think there's too many variables dependent on individual circumstances. |
Re: Mortgage overview
See below
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! |
Re: Mortgage overview
The challenge that we had was regarding the immigration status. Be aware that they, the banks, change the goalposts and therefore leave you in the poopoo if you don't watch out.
We bought land, and got a construction loan for 50%, the bank knew my boyfriend was on a H1-b, they did use his history in the UK as he'd only been in the US about 2 years. He had about 10 yrs history in the UK. House built, marvelous then we just needed to convert the C loan to a mortgage - moved in, then I got a call to say that unfortunately as we did not have GCs, ergo no mortgage, that they were calling in the note - gave us 30 days! Make sure they don't require GCs (if you are silly enough to buy on a visa!) :( |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I realise there are a lot of mortgage threads out there, but I am hoping we can get a summary thread that overviews peoples experiences. We are starting to look into getting one in the US, and I am finding certain challenges, so hopefully people dont mind participating. For those that have been successful in obtaining a mortgage, could you summarise the following:
Thanks! This was my first time using a broker and it really was a much more pleasant experience as the mortgage system is different... and the estate agents do a lot more than in the UK so find one that you like! The broker was pretty key too so v pleased they worked well together and knew each other well. Phew! |
Re: Mortgage overview
Originally Posted by Danoz
(Post 11199087)
I've bought twice, i'll separate both instances with a /
Thanks! -Matt |
Re: Mortgage overview
Originally Posted by hotscot
(Post 11199810)
How do you think this information can be used?
I think there's too many variables dependent on individual circumstances. The different routes to the mortgage could also be interesting, in terms of where people are having more success with brokers or going straight to the lender. Brokers will often have access to many lenders, know different loop holes etc... going straight to a lender doesnt always give you this, so where was the success and where not. Hopefully it also gives people an understanding of deposits requirements etc.... for those will low years credit history are people putting down higher deposits as apposed to those with long established history etc... All in all there are a stack of ways this information is useful. I tried to base the questions on the variables i am encountering in my own inquiries. Hopefully someone else out there has a similar situation to me and were successful with more favorable variables, this gives me hope i can purse different options. |
Re: Mortgage overview
Originally Posted by Orangepants
(Post 11200374)
The challenge that we had was regarding the immigration status. Be aware that they, the banks, change the goalposts and therefore leave you in the poopoo if you don't watch out.
We bought land, and got a construction loan for 50%, the bank knew my boyfriend was on a H1-b, they did use his history in the UK as he'd only been in the US about 2 years. He had about 10 yrs history in the UK. House built, marvelous then we just needed to convert the C loan to a mortgage - moved in, then I got a call to say that unfortunately as we did not have GCs, ergo no mortgage, that they were calling in the note - gave us 30 days! Make sure they don't require GCs (if you are silly enough to buy on a visa!) :( We would be doing this on visas. I know can happen as we have already been given the realities of what one lender can do, but its not feasible. They want a $50,000 balance kept on deposit as security, plus minimum 20% down. As a result, very interested to see who else in similar situation has had better success. You re right about the banks. They change the goal posts constantly, they are also very "knee jerk" and black and white in their approach. its not really in the majority of the interests to offer mortgages as they dont make huge amounts of money off it, plus all the other overheads that come with it. So they are not compassionate about this. I am interested to see if people have had different experiences with brokers and or credit unions etc.... |
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