Mortgage for foreign property.

[yooklid]

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?

[betting on fall]

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.

[betting on fall]

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.

[betting on fall]

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.

[yooklid]

Well – I stayed out of the property market here, so I can’t really do that 🙁

[yooklid]

Well – I stayed out of the property market here, so I can’t really do that 🙁

[yooklid]

Well – I stayed out of the property market here, so I can’t really do that 🙁

[blue_sky]

I do this, in my case I use a bank in the same country as the property. I was unable to find a US lender willing to finance property outside the US.

[Anonymous]

Hi Blue Sky,

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?

S.

[blue_sky]

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.

[Anonymous]

That helps a little. Thanks blue.

[bsrsharma]

This may be a “California” property that may not need a mortgage:

http://www.villaslajolla.org/

(Homes from $69,995)

[Author]

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