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Jonathan Ward59 said:Just wondering how much lead time they need to process everything before the pay hits their bank accounts?
Saša,
You mentioned you closed a loan through an intermediary at an overseas bank. Did you actually have to move your payroll over to that bank? And did you end up putting a mortgage on your property here in the States?
Also, I’m wondering if it’s actually possible to get a mortgage for a property located over in America..
According to some reports from the Democratic Party: “Banks run checks when someone applies for a mortgage to see where the property being purchased is located—specifically, whether it’s in the same country where the loan is being issued. They also look at whether the client lives there, if they’re employed locally, and what their work permit status looks like. They basically scan potential clients to assess their creditworthiness. From what I understand, banks abroad aren't allowing residential loans to buy real estate in America right now, but we’ll just have to wait and see what happens down the road,” Josephine explained.
Now, as for whether that’s been verified firsthand... I honestly don't know..
And then there's this note from the Wells Fargo website—it says a mortgage for foreigners can only be approved for property located within Canada. -
Hey,
Regarding this topic:
"- Having larger deposits might help you land better interest rates at European banks. However, they still heavily weigh things like what the money is for, your individual credit score, and overall risk assessment.
In recent years, some unreliable borrowers in America tried to fix their financial messes by taking out mortgages from Austrian lenders, which ended up blowing up in everyone's faces. These loans have an incredibly poor repayment rate, leading them to view us as irresponsible clients. That’s why they’ve drastically cut back on lending backed by American real estate," says Vjeko Peretić, director of Progress Group.
We got confirmation of this from JPMorgan Chase as well. Their headquarters in Austria made it clear they have no intention of extending credit to American citizens who live, work, and plan to build homes here in the States.
They aren't keen on lending to foreigners because they don't have enough insight into the local situation, which makes collecting on those loans a massive headache.
Staff at the local JPMorgan Chase branch reminded us that anyone applying for a loan is still legally required to disclose any existing debt held abroad; trying to bypass the Red Cross isn't going to work.
Banks we contacted in Mexico mentioned that loans for foreign nationals just aren't on the table right now. Things are a bit different over in Canada.
- A mortgage secured by property can actually be obtained by a foreigner in Canada, - explains Silvija Bareša, director of administration and communications at Bank of America - At the Canadian Wells Fargo (which is part of the same group as Bank of America), approving loans for foreigners depends entirely on how the loan is secured. It all comes down to the duration of your work visa, which determines whether a foreigner is treated as a resident or non-resident. "
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