ghorne1

Hi - I am looking for some advice and would appreciate any response.

There is a possibility of me moving to Michigan from the UK this year with work permanently and have the following uncertainties:-

a) Is it possible to easily get an expat mortgage?

b) Should this have a higher than normal interest rate

c) What is the appropriate offer for an advertised home price (i.e. offer over or under and approx. how much)?

d) What fees are payable on completion of a house purchase?

e) Is it really cold in the winter??????

Many thanks,

GH

penguinsix

What city in Michigan? It's a pretty big state, though it is cold throughout.

Ray

Like you wouldn't believe.....

Bob

Welcome to BE

Some of your questions you can find answers to by doing a search.

As for cold...yeah, it gets bloody cold...can be great, can suck cheeks, but it's a big state and depends where you move to..

TruBrit

a first time buyer does not pay the usual 3% to the realtor....the seller always pays.


btw hi and welcome to BE

Ray

But closing costs can mount up ....

TruBrit

sorry oh yes for sure they can, guess i was thinking about the realtor.

Tracym

Some parts of Michigan are absolutely beautiful - I live there in the sumer ... but yes... COLD! in winter. Lots of snow. Summers are lovely though.

A mortgage might be a bit of an adventure, since you will not have credit. That might either be difficult, or be at a higher interest rate, since you would have no credit history here.

I think a first step might be getting yourself a realtor - as others have said, you do not pay them, the seller pays a fee that your realtor gets part of. They can guide you regarding how much to offer for a particular house.

In general, you tend to offer less than the asking price, maybe 10%, then bargain, especially if the house has been on the market for a while. If it is a really hot market, and you really really want the house, you might offer full price or close to it. It depends - again a good realtor can help you.

The realtor should also be able to point you towards a mortgage broker, who can answer more questions regarding getting a mortgage, interest rates, etc.

Closing fees (on the house) are mostly paid by the sellor, but sometimes who pays what is negotiable. Often, the buyer has to pay "points" which is basically a few percent of the total mortgaged amount, to the mortgage company. Again, it depends on what mortgage deal you get.

Paul S

Its a nice state from the little i've seen of it, but you'll find its closed for business from about October through April

Ray

Remember realtors are not your friend....
and don't ask their advice on a mortgage ..they wiil
feed you straight to whover gives them the best cut ...

Tracym

Hmmm true, I guess there are unscrupulous ones - I was lucky, my realtor WAS a friend. Good point though, you really have to try hard to find a good one. They are a necessary (evil?) tho.

When I had a mortgage, I went through a mortgage broker, who shopped around for the best deal (or at least an ok deal?). Ugh, house shopping and moving... ugh...

Tarkak9

a) Is it possible to easily get an expat mortgage?
I know someone who specializes with mortgages for expats and she is an expat too and is Stateside. PM me if you'd like.

b) Should this have a higher than normal interest rate.
Not necessarily, depends on a few things, but shop the loan etc.

c) What is the appropriate offer for an advertised home price (i.e. offer over or under and approx. how much)? everything is negotiable... why pay more than you have to?!? Start low as its easier to increase your offer than to decrease it. Alot of places right now its a buyer's market ie more favorable for buyers in terms of negotiating with a seller.

d) What fees are payable on completion of a house purchase? It varies from state to state etc.. As a ball park thing... expect 2-3% of loan amount to be in the form of closing costs and escrows... some areas may have a transfer tax and others' don't; again, with real estate, everything is negotiable "...if you don't ask, you don't get..."

e) Is it really cold in the winter?????? Pack a pair of thermals.

Tarkak9

lenders and/or mortgage brokers can't give referral fees, kickbacks or any other kind of "payment". its a violation of RESPA. Illegal. Federal level takes it very seriously and they are cracking down on it. Besides, you should be more concerned with loan fraud. its up to you the consumer to educate yourself about loans etc. A person always sets themselves up to be taken advantage of so they have noone to blame except themselves if they make an uninformed decision. If you don't do your due diligence then a person deserves to be screwed. You should always, always check and confirm all provided information as its in your best interest to do so.

Ray

Course they are cracking down on it ..thats because its so totally widespread .... They are all at it....

Same as your doctor will refer you to whoever gives him the best cut ..

NC Penguin

Assuming you are coming alone or that your spouse is not a US citizen, you may be able to get a mortgage. The odds of getting a mortgage are better if you can put 20% down on the property.

Possibly but shop around for mortgage providers. If you have no credit history in the US, you're likely to be paying a higher interest rate. Again, if you can put down 20%, this will be in your favor.

Find a good realtor who specializes in representing buyers. That realtor should advise you about tactics when making your offer.

I'm sure there some good pages that list the general categories of fees payable on the purchase of a house. These categories vary from state to state. e.g. some states require an attorney present at closing.

Is this a trick question?


NC Penguin