International mortgages.net

Many sellers will not accept an offer, unless it can be proven funding is in place or has been Pre-Approved. For the purchase of a re-sale property, the closing date will typically be set at 30-45 days after the signing of the sales contract, and some contracts may impose financial penalties for late closing/completion. Appointing a lawyer, who is qualified in local law, may pay dividends at this stage.

Mortgages on property abroad are normally available to a maximum of 70% loan to value and for up to 30 years, although there are exceptions to this. There are not normally age restrictions on mortgages on US property, however for some other countries the term may be to age 70 or 75. Mortgages are normally based on affordability and suitable proof of income will be required. As a rule, the debt to income ratio should not exceed 36%, although there are exceptions to this. For some loans, limited documentation is required. To see current lending criteria, please select the specific Continent tab on the main menu.

The mortgage secured against the property, can be in local currency, or in some cases multi-currency mortgages are available. The currency in which the mortgage is arranged would normally be determined by the currency of the income being used to fund it. A qualified representative will go through the options and advise on which is the most suitable mortgage program.

A local bank account will normally need to be opened, to enable the payment of local, taxes, utility bills etc. Some lenders also require six months mortgage payments to be held in your account. You may also be required to have your deposit and closing costs seasoned. This means that you will need to show where the funds have come from, usually covering the last 60 day period.