A mortgage for a non-resident is commonly known as a Foreign National Mortgage. In many cases, a foreign national who isn’t a US citizen will seek to buy real estate in the country he or she lives in. Financing real property is usually done by US banks and mortgage companies to United States citizens.
Asset Based Loans
A mortgage can also be called an “asset-based” loan, because it is basically a loan that is secured by some type of asset. Usually most mortgages are in the form of deeds of trust, land contracts, repossessed property, corporate bonds, U.S. Savings and Loan Assessments (USASalty), and foreign government bonds. These assets could be personal or business real estate. Often times, mortgages are used by investors to purchase U.S. properties they can then resell.
Qualify for a Mortgage
Foreign banks, in particular, provide mortgage loans to individuals and entities from all over the world. If you are interested in refinancing your current mortgage, a mortgage broker can help you obtain the best rates and terms. In order to apply for a mortgage, you will need to fill out a FAFSA, or Free Application for Federal Student Aid. You will also need information about your past financial history, as well as basic personal information such as name, address, social security number, birth date, and social insurance number. Your credit score is also important.
Documentation
When you apply for a mortgage from a bank or other lender in the US, they will ask you to provide documentation and information about your home and property. You will be asked about your employment and income. Many lenders will run a credit check on you. The FAFSA can be filled out online and mailed in. If you have any questions or concerns, many companies have customer service hotlines where you can contact them.
Investments
Many private citizens are looking to make investments abroad. These investments can involve anything from real estate to foreign stock funds. Many people prefer to take out an investment mortgage to help them fund their foreign real estate purchase. Some investors prefer to invest in a specific country that will benefit them, while others choose to invest in a variety of countries around the world. If you choose to invest in foreign real estate with an investment company that specializes in these kinds of mortgages, you may be able to choose from a list of properties that are currently for sale in your desired country.
Investment Mortgages
Investment mortgages are available to anyone with a bank account. There are many different types of investment mortgages available to those with varying credit scores and loan amounts. Before you decide to invest in investment property, it’s a good idea to do some research to find out which banks offer the best deals on investment loans. When you choose your bank, you should look to see whether or not they have a direct investment division that will lend you the money you need to finance your property.
For more information on loans for foreign nationals contact Foreign National Mortgage to make your US house buying dreams come true.