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Mortgage overview

Mortgage overview

Old Apr 2nd 2014, 12:13 am
  #16  
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Default Re: Mortgage overview

Originally Posted by Danoz View Post
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 had to put $22K as earnest money but that was 3% which seems to be normal in San Francisco. Our broker was familiar with working with foreigners so that was a plus. Also LTV was 80% which opens up more lenders or makes them less jittery. I'm not sure we would have got so far with a bank....
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Old Apr 2nd 2014, 1:58 am
  #17  
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Default Re: Mortgage overview

Originally Posted by hotscot View Post
How do you think this information can be used?
I think there's too many variables dependent on individual circumstances.
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.
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Old Apr 2nd 2014, 2:52 am
  #18  
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Default Re: Mortgage overview

Originally Posted by Sally Redux View Post
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.
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...
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Old Apr 2nd 2014, 2:55 am
  #19  
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Default Re: Mortgage overview

Originally Posted by IlAlfie View Post
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...
Yes, mainly time.
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Old Apr 2nd 2014, 9:58 pm
  #20  
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Default 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.
see above

Last edited by MsElui; Apr 2nd 2014 at 10:06 pm.
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Old Apr 3rd 2014, 8:42 pm
  #21  
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Default 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.
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Old Apr 3rd 2014, 11:35 pm
  #22  
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Default Re: Mortgage overview

Originally Posted by petitefrancaise View Post
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.
That is good to hear. I am guessing a big deposit definitely helps. We have had a bit more success looking into options.

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.
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Old Apr 4th 2014, 12:08 am
  #23  
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Default 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
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Old Apr 4th 2014, 11:54 am
  #24  
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Default Re: Mortgage overview

Originally Posted by petitefrancaise View Post
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
Hi, we are also with AIG travel guard. I will give them a call and see what they say. Thanks.
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