Global turmoil and economic instability has led foreign buyers to find unique ways of safeguarding their money. Many have determined US real estate to be the ideal safe space but buyers have to be more savvy than ever, especially as foreigners face rising US home prices and a strong dollar. In the past overseas buyers generally elected to pay cash because of loan regulations – but today’s international buyer should consider mortgage financing as a strong alternative (WSJ piece on this topic here). This type of loan requires a larger down payment of 30% or more and rates ranging from 5% on a five-year adjustable rate mortgage to 6.625% on a 30-year fixed rate mortgage.
As a buyer’s agent who has led countless foreign borrowers in luxury transactions, I’m well versed in the sensitive process of mortgage financing. A smooth experience is all about preparation. My clients always apply ahead, being pre-underwritten avoids potential pitfalls of a complicated qualification process. My global clients always have properly aligned expectations, mortgage-qualification is vastly different in the US. And finally, we start out being well-armed with documentation that acts in lieu of credit history or tax returns. For more on this delicate effort – reach out. I will gladly work with you to make your next international real estate transaction as simple and easy as possible.
With more than 15 years of success selling South Florida area real estate, Anna Sherrill is both respected and sought after by clients who trust her ability to maximize their purchase or sale experience. If you’re considering buying or selling an extraordinary residence, contact her today.