Arranging a mortgage in the USA can seem a daunting experience but with the right advice and guidance can be just as simple as arranging a mortgage in your home country. As with every other aspect of the property purchase, we advise you to work with reputable and established lenders who have experience in arranging foreign national mortgages.

Please find a simplified breakdown of the process and costs that may be associated with obtaining a mortgage.

Loan Value - currently in the USA mortgages are offered up to 70% for foreign nationals.  USA banks will at present only lend for the purchase of single family or town-homes. The mortgage offered is based on the valuation of the property and not the purchase price.

Interest Rate – interest rates vary depending on whether it is a ARM (adjustable rate mortgage) or a fixed term mortgage. A good mortgage broker will offer the best advice as to which suits your requirements better.

Mortgage Term – A fixed term mortgage is typically 20 or 30 years. An adjustable rate mortgage is typically 3, 5 or 7 years.

Costs – You should budget between 2-3% of the loan amount on top of any purchase costs you for setting up the mortgage.

Lending Criteria Employed – 2 months payslips, 3 bank or credit references, 3 months bank statements, employer’s reference, copy of fully executed sales contract, copy of escrow deposit cheque, copy of your passport and driving license.

 Lending Criteria Self Employed – 2 years tax returns, 3 bank or credit references, 3 months bank statements, accountant’s reference, copy of fully executed sales contract, copy of escrow deposit cheque, copy of your passport and driving license.

For a more detailed information pack on mortgages in the USA contact us.