Hi – I need a little help here and I figure that my fellow Piggingtons will be the best people to hit up. I’m looking to get a mortgage to buy property abroad, but I can’t seem to find any resources on this except for companies in the UK (I’m in the Bay Area).
Can anyone steer me towards some lenders who specialise in this? Anything I should be aware of?
I know that lots of people have been pulling equity out of their US home and then using it to pay cash for the foreign home. If you can do this, I expect you will have a lot fewer headaches and possibly a better rate than you would get in countries with less developed banking systems than our own.
If that’s not an option, then I think the answer depends on the country. First world countries have plenty of local banks that will write you a mortgage. In latin america, you might want to start with Citigroup, or another bank that has subsidiaries down there.
I know that lots of people have been pulling equity out of their US home and then using it to pay cash for the foreign home. If you can do this, I expect you will have a lot fewer headaches and possibly a better rate than you would get in countries with less developed banking systems than our own.
If that’s not an option, then I think the answer depends on the country. First world countries have plenty of local banks that will write you a mortgage. In latin america, you might want to start with Citigroup, or another bank that has subsidiaries down there.
I know that lots of people have been pulling equity out of their US home and then using it to pay cash for the foreign home. If you can do this, I expect you will have a lot fewer headaches and possibly a better rate than you would get in countries with less developed banking systems than our own.
If that’s not an option, then I think the answer depends on the country. First world countries have plenty of local banks that will write you a mortgage. In latin america, you might want to start with Citigroup, or another bank that has subsidiaries down there.
I am trying to buy some property in Scandinavia.
So what did they tell you at the bank where you finally
got a loan? I mean, how many times did they tell
you to get lost before someone agreed to arrange
a mortgage for you?
No problems at all really. The bank (RBC) pulled my US credit report, and I have a bank account with them that handles the cash flow. I’m sure it’s going to be highly country specific. I recommend you consult a qualified attorney in the country you’re looking to purchase in who can advise you on local laws.
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