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Best US $ mortgage loan for UK citizens???

Discussion in 'North America Real Estate' started by Creative Source, Dec 17, 2007.

  1. Creative Source

    Creative Source New Member

    Hi all

    I would be awfully grateful for some sound advice on acquiring the best US $ mortgages loan (flexible with low interest rates). I have a good credit history with a regular income.

  2. it all depends on what type of property it is. Is it a vacation home or a rental/income producing property? Depending on the property type will determine the loan programs available to you
  3. Creative Source

    Creative Source New Member

    The intended property is purely for a buy-to-let investment and sale in 5-10 years. Any advice is much appreciated.

  4. Michael Hunt

    Michael Hunt New Member

    Check your private email. I sent you a message.

    Check your private email box. I sent you a message.

    Michael Hunt.

  5. geester

    geester New Member

    I was looking at buy to let, and then I discovered a way to buy the real estate outright for a fraction of the cost, I then gave them a quick lick (paint that it) a new kitchen and resold them, making more money with little investment.
  6. I would do anything but an adjustable rate mortgage. If its in an area that is appreciating at a decent rate and you only planned on holding it 5 years, an interest only loan might be the best option. Lower monthly payment, problem is nothing pays down the principal, thus the profit would only be the appreciated value. Although the first few years on a conventional 30 year mortgage are mostly interest anyways. Bottomline is the interest rates dropped substantially in the past couple of weeks, so make sure it is a fixed rate.
  7. DC

    DC Member

    I can put you in touch with some people in the US if you want.

  8. Michael Hunt

    Michael Hunt New Member

    I have been helping international buyers (a) buy (b) fix (c) flip (d) start all over with the next project, for over 15 months, taking advantage of the current market conditions. If you are (1) financial capable to buy (2) and ready to start right now, contact me at IBCUSALLC at AOL dot COM

    Make sure to quote this forum.


  9. Damian George

    Damian George New Member

  10. Michael Hunt

    Michael Hunt New Member

    Guess who knows the market best?

    The lender who is thousand miles (kilometers) away from the targeted market (USA) or the one inside the market?

    I am in California (USA) and I can (a) see (b) touch and (showcase) the properties desired to be purchased. ;)
  11. Damian George

    Damian George New Member

    service is king - especially with the web.

    I arranged my Oz mortgage with them and got better service than i would at home.
  12. oregon woodsmoke

    oregon woodsmoke New Member

    If you have to deal with foreign exchange rates with every mortgage payment, it certainly makes more sense to get the mortgage in the country the property is located in. Then you deal with 2 exchange rates instead of 3.

    In the USA, I would not recommend an adjustible rate mortage. Fixed rates are good right now, and it is very unlikely that an adjustable rate will adjust in any direction but up.

    In my opinion, interest only loans are only sensible when you are going to hold the property for a very short period. 6 months or, at the very longest, one year.

    Some of us in the USA think we have an inflationary period coming. If that happens the fixed rate loan gets paid back with cheaper dollars. Certainly good for investors inside the country, although I am a little uncertain how that works with foreign exchage. I would think you would be able to buy more dollars with your pound or euro, making the loan payments cheaper for foreign investors, too.
  13. adamSKI

    adamSKI New Member

    I know this is an old thread, but I am also having the same issue. I have a property owned outright in the US that I'm looking to use a small proportion of the equity in (cash out mortgage). Anyone know anyone in the US, as I find some of the commission of the uk agents far too high, and they aren't interested, even though I have good credit and a good history. My wife is also a US citizen.
  14. goldeneagle

    goldeneagle New Member

    wasn't there a law which forbade non-us residents from owning property in the US?
  15. KofiLGS

    KofiLGS New Member

    adamSKI I sent you a message. I can point you in the right direction for a home refinance. You're in a very fortunate position to have your home paid off in full.

    Not at all. Foreign direct investment into the US real estate market is not forbidden.
  16. jitendrasnv

    jitendrasnv Banned

    There is more to a property than its price like the location. The cheap tag does not always necessarily mean a good deal, often a wrong decision is made due to low price. One still has to know whether the property is in good condition or whether it needs major repairs and how much the repairs will cost.
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