Mortgage overview
Apr 2nd 2014, 12:13 am
#16
Forum Regular
Joined: Mar 2014
Location: New York, NY
Posts: 186
Re: Mortgage overview
A brutal war story indeed! Thanks for the advice.
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....
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....
Apr 2nd 2014, 1:58 am
#17
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Mortgage overview
Honestly, I don't think it's going to be that useful. It would have to be very recent for a start, and in the same geographical area with the same personal circumstances.
Apr 2nd 2014, 2:52 am
#18
Forum Regular
Joined: Mar 2014
Location: New York, NY
Posts: 186
Re: Mortgage overview
So time probably most useful then geography. Perhaps the question can be reframed to ask for info about mortgages obtained in the last 2 years...
Apr 2nd 2014, 2:55 am
#19
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Mortgage overview
I think the key is that it has to be recent. I'm not sure of the utility of info from a mortgage 10 years ago (and pre crash).
So time probably most useful then geography. Perhaps the question can be reframed to ask for info about mortgages obtained in the last 2 years...
So time probably most useful then geography. Perhaps the question can be reframed to ask for info about mortgages obtained in the last 2 years...
Apr 2nd 2014, 9:58 pm
#20
L2, GC, Surrey, OH, TX!
Joined: Aug 2007
Location: Surrey to Dallas (via Ohio)!
Posts: 6,363
Re: Mortgage overview
- What year did you do this? 2014
- What was the property type [New/Used]? used
- Who was the Lender? quicken, just sold onto fannie mae.
- State? TX
- Did you use a broker? NO
- Mortgage type [fixed/variable/other]? Fixed
- How many years (or months) US credit history did you have at time of approval? 6
- How Long had you been in the US at time of approval? 6yrs
- What size deposit did you need put down (%)? we chose to put down 20% to avoid PMI
- What visa or immigration status did you have? GC
- Did you have a security deposit in place at time of closing? yes
- If you did, how much or %? think 1%
- Did the lender take into account your overseas financial history? no - (although the sale WAS conditional on receiving funds from sale of uk house)
- If so, how many years history was required? n/a
- Is there anything else that might be helpful.
a)chose to pay your mortgage as frequent as you get paid. ie if you are paid bi-monthly, pay the mortgage bi monthly as it can reduce the interest paid in the end as they are getting money faster. (depends when mortgage co applies the credit on actual day paid or once a month).
b) This loan was over 23 years, because every time we refinance we try and maintain the original approx finish date of our mortgage - rather than extend endlessly. beefs up payments but reduces interest paid in the end a lot.
c) previous mortgage obtained in 2009 with zip credit history was extremely painful as they didn't understand immigration statuses and asked us for forms we couldn't have - ie we were on L1a and didn't have EAD but they asked for that. we had to explain we didnt get one on THAT type of visa. They made us jump through so many gazillion hoops for every single thing. was the most stressful time.
d) get as much pre approved with mortgage company before looking at houses because realtors in a fast moving area wont even accept offers if they don't think you are 'serious' or if its conditional on another sale. we managed to get through our conditional sale eventually but had enormous amounts of stress and negotiations and being asked to break the condition by sellers, and then relying on the option to drop out etc etc. would try and avoid that hassle in the future.
Last edited by MsElui; Apr 2nd 2014 at 10:06 pm.
Apr 3rd 2014, 8:42 pm
#21
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Mortgage overview
We've just got our mortgage through AIG travelguard/Wells fargo. No problem. Been here 6 months and awaiting GC. We did have a large deposit though which eased things I think.
Apr 3rd 2014, 11:35 pm
#22
Forum Regular
Thread Starter
Joined: Oct 2013
Posts: 121
Re: Mortgage overview
Two options so far, both 20% down, but one requires 50k security deposit after closing (just in case), the other is just 20% deposit if our UK credit history is good.
Apr 4th 2014, 12:08 am
#23
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Mortgage overview
we purchased travelguard relocation assistance from AIG for 1 year. $400 very well spent.
We just called them and said we wanted to get a mortgage. The rate is good and they asked for financial details from France where we lived before - all in french and it was fine. They're great.
From what I've heard you're going to need at least 20% deposit but we weren't asked for any security deposit.
pm me if you want more details
We just called them and said we wanted to get a mortgage. The rate is good and they asked for financial details from France where we lived before - all in french and it was fine. They're great.
From what I've heard you're going to need at least 20% deposit but we weren't asked for any security deposit.
pm me if you want more details
Apr 4th 2014, 11:54 am
#24
Forum Regular
Thread Starter
Joined: Oct 2013
Posts: 121
Re: Mortgage overview
we purchased travelguard relocation assistance from AIG for 1 year. $400 very well spent.
We just called them and said we wanted to get a mortgage. The rate is good and they asked for financial details from France where we lived before - all in french and it was fine. They're great.
From what I've heard you're going to need at least 20% deposit but we weren't asked for any security deposit.
pm me if you want more details
We just called them and said we wanted to get a mortgage. The rate is good and they asked for financial details from France where we lived before - all in french and it was fine. They're great.
From what I've heard you're going to need at least 20% deposit but we weren't asked for any security deposit.
pm me if you want more details
