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USA Mortgage and Child citizenship

USA Mortgage and Child citizenship

Old Jan 13th 2004, 7:55 pm
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Default USA Mortgage and Child citizenship

Hi all,
I just wanted to discuss my situation and was after some advice and views.

We have been in touch with a real estate agent in the usa and they have been most helpfull and have refered us to 2 mortgage lenders there. Now both lenders have been very very helpfull in trying to get a pre-approved mortgage arranged before we arrive in the usa, My question is that from reading other peoples post in this forum that most US financial lenders will not take into account Uk credit history , yet both lenders want me to pay for an international credit report at $285.00, i know this is not alot of money but is it really needed if they have no use for the information???

My 2nd question is that my partner is pregnant and our child will be born prob 4 months after we arrive in the usa, Will our new born be classed as a USA citizen or will we have to return to england to register the birth?

Thanks for any info in advance

Cheers
Rob
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Old Jan 13th 2004, 8:04 pm
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The nipper will be classed as a US Citizen. And you register the birth with the British Embassy in order for the little un to be a British Citzen.

What type of visa brings you here?
I am typically told that UK credit is as much help as a chocolate teapot.
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Old Jan 13th 2004, 8:12 pm
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We will be coming over there on an E2 visa initially and will apply for residency after a year.

I am in the same thoughts as you as UK credit history does not seem to be worth a penny, also for our mortgage we will be putting down 25% which i thought would have put some worries to one side for the lenders, perhaps it is the lenders that i am using. Dont get me wrong they have been very helpfulland nice people, but i just hate paying good money for something useless.

Thnaks
Rob
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Old Jan 13th 2004, 8:15 pm
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Originally posted by roberttmms
We will be coming over there on an E2 visa initially and will apply for residency after a year.

I am in the same thoughts as you as UK credit history does not seem to be worth a penny, also for our mortgage we will be putting down 25% which i thought would have put some worries to one side for the lenders, perhaps it is the lenders that i am using. Dont get me wrong they have been very helpfulland nice people, but i just hate paying good money for something useless.

Thnaks
Rob
I could be wrong as Experian et al have UK departments. 25% to put down on a house should go a long way to helping the financing of a home though, I am not a mortgage broker though.
I bought a house 2.5 years after moving here because I had to build up my credit here first.
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Old Jan 13th 2004, 8:19 pm
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Yeh it really sucks this credit thing!! I think maybe the finaciers may just want some proof that i pay my bills. One company says i can just provide them with credit card statements and they would be happy with that.

But really glad that the nipper will be US citizen, Hope that will help in getting residency
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Old Jan 13th 2004, 8:27 pm
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Originally posted by roberttmms
But really glad that the nipper will be US citizen, Hope that will help in getting residency
Well when they are 21 maybe...........
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Old Jan 13th 2004, 8:31 pm
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Aaaaarrhhh i knew you would say some thing like that
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Old Jan 13th 2004, 8:53 pm
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Default Re: USA Mortgage and Child citizenship

Originally posted by roberttmms My question is that from reading other peoples post in this forum that most US financial lenders will not take into account Uk credit history , yet both lenders want me to pay for an international credit report at $285.00, i know this is not alot of money but is it really needed if they have no use for the information???
Why don't you ask them if this info will go towards them making a mortgage decision or if they can make a decision without it.
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Old Jan 13th 2004, 9:13 pm
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We bought our house 3 months after moving here, so obviously hadn't established a credit history. We paid the mortgage broker to do an international credit check, but it only cost $50. It was mostly checking our old mortgage was paid regularly and had now been paid off and checking our history with the UK credit card. Some people on here will say it meant nothing and your previous history is not really taken into account, but if you want this mortgage and that's what they want you to do, either accept it or keep looking.
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Old Jan 13th 2004, 9:42 pm
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We bought our house about 6 months after arrival in the US.
We asked for our reports from Experian UK which they forwarded to the US mortgage broker.
The report cost 2 UK pounds.
$285 US. Seems like a con to me.
But then, welcome to the States Get used to people putting their hands into your pocket.
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Old Jan 13th 2004, 10:00 pm
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I'm not sure but big mortgage companies could be less stringent. I got my pe-approval from both Citi and wells fargo. Citi asked for all by bills- council tax, utilities, UK mortgage, etc for the preapproval. With 25% down payment I don't think it will be bad for you. not sure how visa type affects pre-approval.
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Old Jan 13th 2004, 11:55 pm
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Both the lenders have no problems with the type of visa. I think i will question one of the lenders over the cost of this report, because strangly enough i have just had an email from the larger of the two lenders and they have said it will cost me $55.00 and will take a couple of weeks.
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Old Jan 14th 2004, 12:51 am
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Originally posted by roberttmms
We will be coming over there on an E2 visa initially and will apply for residency after a year...
Not sure what you mean by "residency", .... conventional wisdom is that an E visa is not convertible into anything else, and certainly not after just a year.
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