Applying for a loan while living abroad

And if you don't mind me asking, what kind of price tag are we looking at here, assuming it isn't some big secret...

What’s the damage
on getting a loan?

ae
approval fees and interest rates

It’s all laid out right here
in the posts

Yeah, I caught the update earlier this week, but I was wondering what the deal is with the compensation packages and the expense reimbursements... also, does this include a validity clause?

Hi, I’m also looking for some clarity here—I’ve been scrolling through these threads and honestly, I’m still a bit lost. Can someone with actual experience weigh in? Is it really such a guarded secret what kind of interest rate people are actually getting on their mortgages? I’d love it if we could move past the fine print for a moment and talk actual numbers—terms and conditions are everywhere, after all. Thanks, everyone!
in signature: Hopefully not a "permanent renter"! Best regards!

Jonathan Ward59 said:I ended up taking out a loan abroad at a 7% rate
since I've been staying on top of my payments, they dropped it to 6.35%
and they even mentioned it’ll go down again eventually
if things get tight, it's way easier to negotiate with them than with our local banks
they don't start breathing down your neck with notices the second you miss a beat—they actually show some common sense
either way, it's better dealing with people overseas than with the crooks we have here

Could you please explain publicly how you managed to secure a loan overseas?

I've been reading up on this and asking around, and so far, I haven't seen any way for a foreign bank to grant a loan to someone living in the US if they don't have income in that specific country.

A friend of mine was actually offered a loan by an Austrian bank before he even asked. Why? Because he had an account there and had been depositing part of his salary into it for a few years.

When did you take out that 7% loan? Under US law, isn't there a waiting period of a few days?

I managed to pull it off
A lot of you seem to think you can just walk into a bank by yourself and walk out with a loan
But yeah, it doesn't work like that
, it didn't work for me either
which is why I ended up going through a broker
There are plenty of people out there with loans abroad, but it’s not a guarantee—tons of them get rejected outright

That’s exactly why those brokers exist—they work with them, and honestly, that's who you should be talking to
And if anyone actually thinks they can just stroll into a bank alone
well, good luck to them, I guess

It’s no secret what the interest rates look like—I’ve already laid it all out right here
What else do you want from me? Should I just post my entire signed loan agreement
so you can all take a look?

So, what about the fees for the bank and the broker?

Anyone here dealt with microfinance lenders that actually approve loans for people who are basically walking credit disasters?

Jonathan Ward59 said:I managed to pull it off
A lot of you seem to think you can just walk into a bank by yourself and walk out with a loan
But yeah, it doesn't work like that
, it didn't work for me either
which is why I ended up going through a broker
There are plenty of people out there with loans abroad, but it’s not a guarantee—tons of them get rejected outright

That’s exactly why those brokers exist—they work with them, and honestly, that's who you should be talking to
And if anyone actually thinks they can just stroll into a bank alone
well, good luck to them, I guess

It’s no secret what the interest rates look like—I’ve already laid it all out right here
What else do you want from me? Should I just post my entire signed loan agreement
so you can all take a look?

Look, I’m just not buying it. The whole "I'll email you the details" thing feels like a total bait-and-switch. If US banks won't approve loans for people without local income, how is this broker supposed to just fix that...

Maybe I'd be more convinced if you actually shared some specifics. How does the bank secure the loan? What kind of collateral are we talking about—mortgages, co-signers, insurance? And what were the fees?

Also, why even bother with a broker for an international loan at 7% interest when you could probably get a better rate right here in the States?

Honestly, I feel like I'm wasting my breath answering these questions
I'm typing this out now, but consider this my last word on the matter

Vilenica—look, if you don't find me convincing, don't expect me to sit here and lay out every single detail for you publicly
Just forget about it

When it comes to foreign mortgage loans, any sane person would realize a mortgage is required—it's obvious how the bank secures itself
The fee is 6%
Interest is at 7%—and why I chose that specific loan is my business, period
If you can walk into a bank here in the States and snag a lower rate with a longer term, then go ahead and stop interrogating me about my choices

As for income, you don't actually need to be working in that country; all the paperwork gets notarized by our local notary, and all the contracts are drafted by our lawyers—just like any other loan, everything is perfectly legal
It’s common sense that you can't just stroll into some random bank overseas and demand a loan
You won't get it—which is exactly why I told you there are brokers involved who act as the bridge to the bank

If you think this whole thing is some kind of scam, then why are you even asking these questions in the first place?
Go solve your problems here in America with a better rate and a longer term instead

Alright, but who exactly are these intermediaries? How did you manage to track them down?

There’s no need to share any sensitive identity details—just let us know how one actually finds these middlemen... are we talking about lawyers, specialized agencies, or something else entirely?

It’s about people working at an agency
and I actually found them because a coworker told me they helped her clear up her credit issues too
so I reached out

Great, thanks for getting back to me.

What kind of agency are we talking about here? What's their actual niche—what do they do day in and day out? Do they have a website I can check out? If not that specific one, maybe you could point me toward a similar firm that handles the same type of work?...

I’ll admit I’m a bit out of my depth here—I am certainly no expert—but from what I gather by reading sasa00's comments, this doesn't look like much of an opportunity. If mortgage rates here in the States are sitting at 6.3% while they're at 7% elsewhere, you aren't really gaining anything; you'd only be seeking a loan abroad because you've been turned away locally for other reasons. In that sense, it's more of a "last resort" than a strategic move.
So, here is my question: for those of us who aren't currently buried in debt but are looking to take out a mortgage, would it actually make financial sense to seek a loan abroad rather than staying domestic?
The rumor is that even if, say, interest rates in the USA are around 2.9% compared to our notorious 6.3%, the math doesn't work out for us. Apparently, US banks factor in the risk profile of your home country—and since our reputation isn't exactly stellar right now—they bump up the rate, bringing it back up to our usual 6-7% range. Is there any truth to this? Does anyone have concrete information on how these risk premiums actually function? Thanks!

Why not just head down to the local branches and ask them straight up? I heard through the grapevine that Chase might be offering some specific loan programs tailored for American citizensinfo@skb.si

The points sasa00 (is) omitting actually have absolutely nothing to do with what you all are looking for here.

Jonathan Ward59 said:Honestly, I feel like I'm wasting my breath answering these questions
I'm typing this out now, but consider this my last word on the matter

Vilenica—look, if you don't find me convincing, don't expect me to sit here and lay out every single detail for you publicly
Just forget about it

When it comes to foreign mortgage loans, any sane person would realize a mortgage is required—it's obvious how the bank secures itself
The fee is 6%
Interest is at 7%—and why I chose that specific loan is my business, period
If you can walk into a bank here in the States and snag a lower rate with a longer term, then go ahead and stop interrogating me about my choices

As for income, you don't actually need to be working in that country; all the paperwork gets notarized by our local notary, and all the contracts are drafted by our lawyers—just like any other loan, everything is perfectly legal
It’s common sense that you can't just stroll into some random bank overseas and demand a loan
You won't get it—which is exactly why I told you there are brokers involved who act as the bridge to the bank

If you think this whole thing is some kind of scam, then why are you even asking these questions in the first place?
Go solve your problems here in America with a better rate and a longer term instead

A 6% upfront fee is, quite frankly, predatory...
Is that going to the bank or some broker?

Charles Martin78 said:Why not just head down to the local branches and ask them straight up? I heard through the grapevine that Chase might be offering some specific loan programs tailored for American citizensinfo@skb.si

The points sasa00 (is) omitting actually have absolutely nothing to do with what you all are looking for here.

Look, I am simply looking for information regarding brokers from sasa00—nothing more, and certainly nothing less. 😁

mellowrider10 said:Anyone here dealt with microfinance lenders that actually approve loans for people who are basically walking credit disasters?

Look, if your credit score is trashed, you aren't getting a loan anywhere in this country, period. And as for those shady firms that claim they’ll hand out money to people with zero credit... they are nothing but straight-up scammers, and you should run the other way as fast as you can!!!!! That includes the specific company you mentioned. Just call them up and ask what they want from you upfront—whether it's an appraisal fee, "processing costs," paperwork fees, or some bogus insurance policy—they always demand payment before they give you a dime. They are guaranteed frauds, and honestly, you should just report them directly to the FBI or the Attorney General's office immediately....