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Four Mortgage Shopping Tips for Foreign Nationals

May 9th, 2016 | Foreign Nationals, Homeowners, Appraisal, Home

Many Americans will be very surprised to learn that there are many foreign nationals that are viable homeowners in the United States. The fact that is even more surprising is that many of these homeowners are not even permanent residents of the United States. If you are a foreign national and are considering buying a home or apartment in the United States, then it is important to consider which potential options would be the best for your purchase. If you are interested in finding out more about mortgages and you are currently in the greater Miami area, consider scheduling an appointment with a Miami mortgage lender or a mortgage broker in Coral Gables. By meeting with these professionals, you will likely find someone who speaks your native language and who is familiar with the necessary requirements for your upcoming purchase. Here are four mortgage shopping tips for foreign nationals:

1) Obtain Translated Income Documents: If the majority of your income is from outside the United States, you are going to have to prove it with bank statements that are translated. The United States is very much a English-speaking business mentality. Thus, even though your mortgage broker may speak Spanish in Miami, they will have to get all of your documents together translated into English.

2) Obtain a United States Bank Account: If you are a permanent resident or have a work visa, you will be able to open a United States bank account. If this is an option for you, you have an enormous advantage because you will be able to have more clout with United States banks, which will help you to get a better mortgage rate.

3) Have an Alternative Measure of Credit Available: Many foreign countries do not have a credit score like the United States does. However, if you do own property abroad, bring proof of that to show that you were deemed fit to purchase in your home country. Then, have this document translated. This will be an enormous asset to your process for mortgage shopping.

4) Interview Multiple Mortgage Professionals: One aspect that you must take into account as a foreign home shopper in the United States is that some mortgage firms are not honest and should be avoided at all costs. If you have any local contacts in the United States, it is wise to take them with you so that the mortgage company does not take advantage of you.

As a foreigner, you have to be extra diligent when you are shopping for mortgages within the United States. If you complete your due diligence and really find out which mortgages are the best option for your particular situation. By doing this, you will be able to know that you are making the proper real estate investment as a foreigner in the United States.

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