Applying for a loan while living abroad

neonviper20 said:Has anyone actually managed to close on that loan yet? It’s been nearly a year since his post went up.

I've only been lurking in this thread a little bit, so if anyone's still hanging out here, please hit me up! Especially you, SASA00—you mentioned your monthly payment is around $700 including life insurance, right? Man, I'm curious... how much of that $700 is the actual loan payment versus the insurance part? I'm thinking about jumping into something similar, maybe a $50,000 loan over 15 years, so I really need the inside scoop...
Thanks!

silverrider14 said:I've only been lurking in this thread a little bit, so if anyone's still hanging out here, please hit me up! Especially you, SASA00—you mentioned your monthly payment is around $700 including life insurance, right? Man, I'm curious... how much of that $700 is the actual loan payment versus the insurance part? I'm thinking about jumping into something similar, maybe a $50,000 loan over 15 years, so I really need the inside scoop...
Thanks!

I am currently in the middle of trying to track down a reliable broker to help me secure a loan of that scale,

but, quite predictably, I am finding it difficult to stumble upon anything that feels remotely professional or legitimate.

I have steady employment and significant real estate equity to leverage, so if anyone with actual expertise wants to reach out, please just send me a private message.

Brenda Ruiz63 said:I’ve been reading up on the economic recovery plan proposed by Kamala Harris, and I'm hearing that interest rates might hover around 7%. At the same time, I keep seeing business leaders on the news mentioning they can secure loans abroad at much lower rates, somewhere between 3% and 5%. Does anyone have any insight into who to contact regarding those types of options or what the typical procedure looks like? Thanks!😕

It would be a smart move to secure new loans at that 3-5% range to pay off existing debt with much higher rates—provided these new options offer either fixed rates or are tied to something like LIBOR.

Hey everyone,

I was wondering if an American citizen working here in the States can actually pull off getting a mortgage abroad, and if so, how does that even work?

Specifically, I’m looking into whether it's possible to take out a home loan in Canada using their local currency.

Hey...🙂

I’ve been looking into the best ways to secure a mortgage refinance for quite a while now...
After several years of searching, I think I’ve finally found a solid option, and I know for a fact it's doable.
A friend of mine lives and works in Prague, and she happens to have some great connections over at Wells Fargo, which is where I'll likely be going through with this...
The interest rate is sitting at 4.75%, though that depends on a few variables—but it definitely won't exceed 6%. The max term is 15 years, with a 50% LTV ratio (so if the property is worth $100k, you get $50k)...

If anyone is interested, shoot me a private message. By the way, I'm just starting to gather all the paperwork now, so there's plenty of time. No rush here. We're looking at a turnaround of about 20 business days, maybe sooner if we group together.

Best,

So, the loan gets "processed" over in the Czech Republic, and we're looking at a non-fixed mortgage rate of 4.75%—though it could hit 6% max if things go south.
😕

Richard Wright said:So, the loan gets "processed" over in the Czech Republic, and we're looking at a non-fixed mortgage rate of 4.75%—though it could hit 6% max if things go south.
😕

Hey everyone, has anyone here—or anyone you know—actually managed to pull off one of those "special" loans? I’ve been grinding on this forever and getting absolutely nowhere. I send all my paperwork to the broker and then just sit there waiting indefinitely. Right now, I'm stuck in limbo. I can barely get any info from the bank about when they're actually coming out to do the site visit. Honestly, I don't know if I'm just being played, if I'm being naive, or if I'm just an idiot. Maybe it's all three. Just tell me—has anyone actually closed one of these deals yet?!😕

You aren't stupid; you're just refusing to actually read the previous replies in this thread...

Out of those fifty people claiming they're "working on loans abroad," maybe one or two actually have a clue what they're talking about.
The reality is that for the last year and a half, banks in Austria haven't been handing out credit like they used to—the requirements there are now almost as punishingly strict as they are here in the States.
There you go. Draw your own conclusions...

I found a firm based out of New York City willing to lend me a specific amount at an excellent annual interest rate. We just need to sign off on the paperwork—tax clearance certificates and the loan agreement—and then they’ll wire the funds directly to my US bank account per our deal.

Layman question here: are there any extra fees from the Federal Reserve or other institutions for receiving a foreign loan like this? If so, how much are we talking about? Has anyone else dealt with something similar? Is this kind of "partnership" with overseas companies or banks even legitimate?

Thanks for the input.

Are we talking about the loan as a personal responsibility for you?
You’re aware that you might actually need to report this to the Federal Reserve, right?
I mean, why would they even care about your tax obligations?
Their insurance coverage is just... what exactly?
And you're paying the fees upfront 😬 , aren't you?

That's an incomplete question. The loan is going straight to the company to get the business off the ground...

Just make sure you don't give anything away too early...

When it comes to all those mortgage-backed loans
brokers aren't supposed to be pocketing any extra cash
though there’s always some kind of loophole
if one tells you that you need to pay fees upfront—just tell them to tack it onto the loan itself
and you'll see pretty quickly what kind of person they really are

Feel free to shoot me a DM if you have any questions about how that loan works
I actually pulled the trigger on one for myself—and helped a good chunk of them get theirs too.

Eric Rodriguez31 said:Of course the ratio is terrible when it comes to mortgages. The main difference should be how those so-called agents handle their commissions—which aren't exactly small—to make everything run smoother and more efficiently. Plus, property appraisals ought to be faster and more accurate. Around here, the ratio is typically around 1:2.5 or higher; even JPMorgan Chase pushes it past 1:3. What that actually means is if you have a home valued at $150,000 and you're looking for a mortgage of up to $50,000, you still have to jump through a thousand hoops regarding creditworthiness. We're talking salary verification, employment stability, the company's credit rating, life insurance policies, and all that other nonsense. Just think about it. Sure, even with these foreign loans, they still require paperwork and payment guarantees, but the whole process is supposed to be simpler and quicker. Everyone knows that in this country, you practically have to beg just to get the money you're legally entitled to, yet the moment they need to pay you out, they suddenly become incredibly efficient.
What I’m really wondering is whether these overseas loans being advertised online are actually legitimate, and if these agents or agencies are real people or just scammers. Basically, does this stuff actually work? Right now, I'm trying to find someone who has actually used one of these loans because, in a deal like this, finding someone you can actually trust is the hardest part.
Since everyone needs cash and these ads are all over the classifieds, it honestly baffles me that nobody is asking about this.

Why don't you just reach out to the Austrian Central Bank directly to verify if they’re actually an authorized representative?
If they are, they’ll give you a straight answer.
If they aren't, but such a loan is actually feasible, maybe they'll offer you a direct way to get it done.
It would be pretty bad if they ended up pointing you toward the Federal Reserve Bank of Richmond instead.😁

There are people out there charging upfront fees for "processing costs" or some other nonsense
that’s an immediate red flag for a scam

Then you have the loan brokers—they operate entirely on commission. They’re basically linked to some guy in the States who works directly with a banker, and they just hand over the paperwork
but let's be real, they only actually push through about one out of every ten applications
Not everyone gets approved. The Austrian Central Bank knows exactly how messy things are here in the US, and they take advantage of that
They only greenlight the ones they want to see pass

As for the Federal Reserve Bank of Richmond, I doubt anyone is actually getting official certification for their representatives
because out of that whole crowd, only one person in the entire country has actual documentation proving they represent them
That’s the guy working side-by-side with the banker, though even he has his own little circle of associates
Unfortunately, there's no paper trail to prove it

But look, if the loan actually goes through, everything is legitimate—no shady business involved
You get all the paperwork, the contracts, everything translated and notarized
just like how we do things here in the States

Jonathan Ward59 said:Feel free to shoot me a DM if you have any questions about how that loan works
I actually pulled the trigger on one for myself—and helped a good chunk of them get theirs too.

Hey everyone! I’m pretty much the new kid on the block here, so I’ve got a mountain of questions regarding those international mortgage loans... specifically, has anyone actually pulled one off lately while living abroad? I’ve got property, a steady paycheck, and everything else lined up, but I could really use some guidance to navigate the whole application process. If anyone could point me in the right direction—especially stormyeagle38, if you don't mind—it would be a huge lifesaver. Thanks, guys!

Hey... just saw an article online saying we might be able to take out loans abroad starting January 1st. I’m actually looking into doing some major home renovations right now, so I wanted to get your take. Is this a smart move? Are their contracts better structured—like, can they just hike interest rates on a whim? Do they have better consumer protection laws? And which country is leading the pack here...
just drop whatever you know...

driftingmarlin52 said:Hey... just saw an article online saying we might be able to take out loans abroad starting January 1st. I’m actually looking into doing some major home renovations right now, so I wanted to get your take. Is this a smart move? Are their contracts better structured—like, can they just hike interest rates on a whim? Do they have better consumer protection laws? And which country is leading the pack here...
just drop whatever you know...

Things seem to be getting much more regulated and streamlined, though when it comes to interest rates, don't expect them to match what we see here—in fact, they'll likely be higher than what a local citizen would pay in that particular country. We really need to wait and see how this plays out in practice, but if this initiative actually takes flight, it could potentially force our own domestic lenders to finally lower their rates. Here in the States, that would be quite something.

Since back in 2011 we’ve been allowed to open overseas accounts, take out loans, and make transfers abroad, I’ve been wondering—what kind of interest rates are we actually looking at from banks over in Austria?

I mean, I know it's supposed to be way cheaper, but I'm hitting a total brick wall here. I can't find any decent info on loans or calculators on their websites because, let's face it, my German is non-existent. I've been trying to brute-force my way through with Google Translate, but honestly? It's getting me nowhere.

http://www.hypo.at/eBusiness/hypoooe...-NA-NA-NA.html

http://www.raiffeisen.at/eBusiness/r...A-NA-1-NA.html

Can anyone out there actually dig up some info on their loan products and drop the direct links for all three of these banks?

Thanks!