Monthly Archives: November 2013

Mortgages made easy for people emigrating to America

Emigrating to America can be both exciting and stressful. This is especially true when you have to go through the process of getting a mortgage. People emigrating have more difficulty doing this, but it is not an impossible task. Let’s take a look at some information that will help you along the way.

First of all it is important to be well aware that there are predatory companies out there that target people who are emigrating to America. You have to know that the company that you choose is really working for you. Knowing the steps that it takes to get a mortgage will help you understand the process meaning you will be less likely to be taken advantage of.
You can have the home of your dreams. What it all comes down to is your immigration status. If you are a legal immigrant with a permanent address the procedure is almost identical to the one any American citizen would have to go through.
You will have to fill out the forms and application as well as give all of your information and requested documents to the bank. It sounds simple enough, but many people emigrating do face some difficulties in this area.

The most prominent problem that people emigrating to America will face while trying to obtain a mortgage is their lack of a credit history. It does not matter how well your credit looks in your native country; it is the United States credit history the banks want to see. So, what does that mean for you?

You will have to take a few steps to get your US credit history established. This means while you can still get a mortgage, it may take a bit of time. While you are establishing your US credit you will also want to make sure that you take this time to obtain any and all documents that you will need to get the mortgage secured. This will save you some time and stress. Remember, it is the US documents that they will want to see.

If you are in the US on a legal visa that will not allow you to have a social security card then getting a mortgage may be a lot more difficult. It is still not impossible though. Your documentation will need to also include an individual taxpayer number. Once you have your individual taxpayer number, your documents and your established credit history in the US then you can try and apply for your mortgage.

This can be great deal of hassle so getting assistance with the mortgage process is your best bet. A trustworthy mortgage broker is almost mandatory, and this is especially true for those who are emigrating to America. These are professionals who are familiar with the process and all of the red tape. They will be able to direct you to all of the right lenders ultimately tripling your odds of getting your mortgage. So, don’t hesitate to reach out to these qualified professionals for help, and you will get your mortgage faster than you had first thought possible.

5 Reasons why using a specialist broker is best when searching for an expat mortgage

With employment opportunities becoming increasingly globalised, it’s common to find UK nationals (both non-domiciled as well as non-resident) settled outside the country. But being an expat need not stop you from investing and building your dream home in the UK. A home in the UK serves as an excellent financial investment as well as provides a place to live in when you return home for good. Are expat mortgages any different in process from conventional mortgages in the UK?

The main difference lies in tax and currency related considerations. As far as currency implications go, in all likelihood, you may be earning in a currency other than the Pound Sterling. What you need to  pay closer attention to is currency exchange fluctuations that may make property investment more expensive than it should. Foreign exchange rates change on a daily basis and since property purchase is a heavy investment, you need to be particularly vigilant about currency volatility. Since you are earning an income abroad, there will be various tax implications to consider. Although there are several UK banks and money lenders that service the expat population, they are often sceptical about approving overseas mortgage loans. This is the reason why you often find much fewer lenders willing to service expat mortgages compared to local clients. Expat mortgage loans stand higher chances of being rejected simply because lenders consider these as high-risk cases.
Looking for a competent and reputed broker has several benefits to offer.

Firstly, you don’t have to worry about issues such as taxation and currency exchange rates. The broker will be able to connect you to trustworthy and reliable lenders and you stand a much better chance of getting a property loan approved as you have a professional working on your behalf.

An independent expat mortgage broker will be able to recommend properties and loans that suit your preferences and budget. The best part is that you do not have to pay your broker out of your pocket. Most expat mortgage brokers earn their commissions from property investment banks and lenders.

Expat mortgages often involve a staggering amount of paperwork that can feel overwhelming. A broker will help you prepare your documents and keep you briefed on whatever you need to submit to get a loan approved.

Expat mortgages tend to get processed faster and more efficiently through a broker given the privileged relationship between brokers and lending institutions. In addition to this, brokers are often successful in securing attractive lending rates for expat clients. This is because they transact huge volumes of business for specific lending institutions and are able to offer lower rates than you might have been offered on your own.

The bank or lending institution underwriting your loan application will give priority to your application over others when using an experienced broker.  Expat mortgages transacted through a broker will tend to much more relaxed, hassle-free and smooth compared to doing it on your own. The broker will handle any questions or issues that arise with the bank.

To conclude, a competent broker for expat mortgages can effectively save you time, money and effort and help you get a preferred property in the UK.