Information from other websites: One of the concerns of many China buyers when buying a house in the United States is what are the local loan conditions and procedures. The vast majority of loan buyers are attracted by the ultra-low loan interest rate in the United States, not because they can't afford the money, hoping to maximize their investment advantages with the help of capital advantages. According to the latest data, the benchmark interest rate of 30-year mortgage in the United States is 3.4 1%, while the benchmark interest rate of 30-year mortgage in China is 6.55%. Generally speaking, the mortgage interest rate in the United States will fluctuate according to the applicant's comprehensive situation, and the interest rate of foreigners applying for mortgage in the United States will rise, but it is still much lower than that in China. So, if China people want to borrow money to buy a house in the United States, what is the process? What preparations do you need to make and how can you get a smooth loan? SouFun Bian Xiao has compiled the existing information. After reading this article, you should understand it better. First of all, let's understand the process of applying for a mortgage in the United States, which is similar to the domestic mortgage application process. It can be roughly divided into choosing a lending institution-obtaining the pre-qualification of the lending institution-verifying the applicant's qualification by the lending institution-real estate appraisal-lending by the lending institution. It is divided into the following seven steps: (1) Choose a lending institution that can provide you with loans; (2) Compare interest rates and maturities to determine the lending institution that can provide you with the best tolerance; (3) Obtain the prequalification of the lending institution that accepts your financial and identity documents; (4) Provide all relevant income according to the instructions of the lending institution. Review identity and other necessary information. (5) The mortgage company conducts real estate appraisal to determine the value. (6) employees who handle mortgage loans. (7) Settlement of loan transaction package. According to the loan application process, let's explain in detail the specific operation methods of each process: 1. Matters needing attention for foreigners to apply for mortgage in the United States. The core principle of mortgage loan issuance in the United States is that the value of collateral is sufficient, the applicant has a good reputation and a continuous source of income, which is not directly related to the applicant's identity and nationality. At present, in most states of the United States, foreigners (without American green card) can purchase American real estate through loans, but the down payment is usually 40-50%, and because there is no American credit record and proof of income source, the lending institution will additionally ask the lender to pay the interest of 1-2% higher than the market level. Second, the types of American mortgages. If the benchmark interest rate of American mortgage (according to statistics on April 20 13, 18) meets the conditions of buying a house by loan, then the loan type can be considered. The usual loan period in the United States is 30 years. You can also choose 5 years, 7 years, 10 years, 15 years, 20 years and 40 years according to your repayment ability. At present, the average loan interest rate in the United States is around 4-5%, and there are two main types of loans, floating rate loans and fixed rate loans. (1) floating rate loan (ARM) is usually divided into: 3/ 1, 5/ 1, 7/ 1ARM, that is, the annual interest rate is fixed for the first 3 years, 5 years and 7 years, and then the interest rate fluctuates according to Libor and other indicators. For example, on 2011116, I bought a house of 300,000 dollars in Los Angeles, California, and applied for a loan of 5/ 1ARM. The loan interest rate for the first five years was 4. 132%, floating since the sixth year. (2) Fixed interest rate loans. Common fixed-rate loans are 15 or 30 years, and the annual interest rate is fixed. For example, on 2011116, I bought a house of $300,000 in Los Angeles, California, with a down payment of 40% and applied for a 30-year fixed loan interest rate of 4.799%-5.540%. In the short term (3-5 years), the interest rate of floating rate loans is 0.5% lower than the fixed interest rate. 5- 1%, but in the long run, there is a risk that the interest rate of floating rate loans will rise sharply. Therefore, for short-term investors, floating interest rate loans are more worthy of consideration; For buyers who pursue stability and have low long-term risk tolerance, a fixed interest rate is more appropriate. These two kinds of loans have their own advantages and disadvantages, and buyers can do it according to their own financial situation. Three. Conditions for a foreigner to apply for a mortgage in an American bank As an overseas person, the requirements for obtaining a mortgage in an American bank are relatively high, unless there are relevant deposits, investments or other active accounts in the bank. For example, holders of work visas have a long-term and stable income and expenditure record. As permanent residents, that is, green card holders, they also need to establish relevant personal credit records in the bank before they can apply for housing loans. Different banks have different loan policies and conditions. However, as long as they meet the requirements, banks are still willing to lend to overseas applicants with higher comprehensive qualifications, including China people. 4. How do foreigners get in touch with loan brokers of American lending institutions (1)? More than half of housing loans in the United States are completed through loan brokers, who act as intermediaries between borrowers and borrowers. The loan broker can negotiate the fees directly with the buyer, and can achieve the lowest loan interest rate and the least fees for you. Therefore, it is a good choice to find a "reliable" loan broker for people who are not familiar with American loan purchase affairs. However, professional services will also charge a certain fee, and loan brokers usually charge 1% of the loan amount. (2) The loan interest rates provided by commercial banks such as Citibank and Bank of America are very competitive. If you have a checking account or a deposit account in these businesses, you can also enjoy preferential loans. (3) mortgage bankers mortgage bankers can provide loans for you on behalf of one or more banks, but such loan services are limited to the customers of these banks. For most China investors, consulting American commercial banks with branches in China is the main way to borrow money. When contacting American mortgage agencies, you must discuss with employees who have been trained in foreign mortgage loans. When you are in contact with mortgage employees of different banks in the United States, find out the interest rates, qualification requirements and regulations applicable to foreigners. Discuss with a number of lending institutions and choose the bank that can provide you with the best interest rate for the loan you need. V. How to obtain the prequalification for bank loan approval Once the best lending institution is found, the next step is to obtain the prequalification for loan application. This is the first step before the loan process begins, that is, after the first contact with them. The broker will ask you to provide personal information, including income and debt. They will decide the loan amount you can afford according to their loan standards (different from family to family). Pre-qualification helps to know whether you are eligible for a loan and how much you are eligible for a loan. This step will also help you to know whether the lending institution is willing to provide you with loans. Confess your mortgage requirements to the lender, including how you intend to use the property. If you are dishonest, even if the loan is passed, the lending institution will insist on paying the full amount, or they will take the property away by auction. The general bank will consider the following seven main factors to make a comprehensive evaluation and decide whether to give the applicant the qualification of "prequalification": (1) Whether there is a stable source of income (if there is a job); (2) Have you had a steady job in the past two or three years? (3) Whether the current income is reliable; (4) Whether the payment record is good; (5) Whether there are not many long-term loans, such as loans to buy a car; (6) Whether there is a deposit; (7) Whether it has the ability to pay the monthly payment and increased expenses. 6. How to assist the bank to complete the loan qualification review Once the mortgage staff recognizes your qualifications, the next step is the review. Lenders need to review: (1) proof of income: employer's letter or company's business license; (2) proof of deposit: bank statement of the last month, and they need to see the down payment; (3) proof of identity: valid entry visa and passport; (4) house purchase contract; (5) mortgage application; (6) proof of assets: your total assets; (7) credit history:. I think you are qualified to apply for a loan, and then the lending institution will do the following work to review the property rights of the house and real estate you want to buy. If all goes well, you can approve the loan. From contacting lending institutions, to pre-examination of banks, to qualification examination, and finally to lending, every link needs to be very detailed, but the actual operation may not be very complicated. As long as sufficient, effective and true information is provided according to the requirements of the bank, it is not difficult to borrow money to buy a house in the United States.
What conditions do foreigners need to meet when buying a house in the United States? What are the precautions for buying a house in the United States?
Criteria for foreigners to buy a house in the United States:
If you are going to buy a house in the United States in full, it is relatively simple: first, you must have an efficient passport and visa; Second, you must issue an English version of the capital certificate of a bank in China as proof of assets for buying a house in the United States; Finally, you need to set up your own bank account in a local financial institution in the United States. Buying a house in full, meeting the above three conditions, China people can buy a house in the United States!
If you borrow money to buy a house in the United States, you need to use more documents and materials. In addition to a strong passport visa and visa processing, proof of assets for buying a house, and a bank account in a local bank in the United States, you must also issue your work certificate and personal income certificate from the relevant unit, which will be translated into English by a notary company. You must issue an asset certificate of deposit in Chinese and English.
Frequently asked questions about buying a house in America:
When you have been buying real estate in the United States, you can also withdraw your rent within 7 days after signing the purchase conditions. As a customer, I will spend $300 this week. Please confirm that the company with housing quality problems will conduct quality inspection on the property I bought. If the product quality problem is found in the test, I will terminate the contract halfway. After you get the deposit back, you don't have to pay it later, but the 300 yuan-US inspection fee you paid is generally not refundable.
When buying a house in the United States, your agency fee is charged by the seller, which is generally around 2.5~3%. Housing prices in the United States are a little cheaper, but buying a house in the United States must be accompanied by a property tax, which needs to be paid every year. I didn't pay it on time, and the government has the right to take your house and make a deal. Therefore, when investing in real estate in the United States, you must remember to pay the property tax on time every year.
What are the requirements for buying a house in America?
1. There are not many restrictions on buying real estate in the United States. For China people, they can buy American real estate without an American green card. The real estate industry in the United States is relatively free and open, and the district governments have basically not set up information similar to the "purchase index". Therefore, if China people want to buy a house in the United States, they have to prepare a lot of wealth and find a suitable real estate agent.
2. Can't invest in buying a house: Foreigners can also buy a house in the United States, but they can't take this opportunity to acquire the true identity of the United States. Owning property rights is not the same as having the right of abode: in the United States, you can buy a house with property rights or the right of abode, and the house with property rights can be freely bought, sold and leased by the owners of the community. However, the house with the right of abode has only ten years of property rights, and the lease can only rely on the property neighborhood Committee, and the price is several times more cost-effective than the house with property rights.
Other frequently asked questions:
Related campus
Houses in America belong to cultural and educational houses. As long as you can come up with all kinds of payment lists of the house where I live in this school district and your child's vaccination list, the child can enter school. The United States implements the K- 12 system in teaching, that is, 13 years of basic education, and all training fees in public schools are free. Buying a house in a good school district will make children's education easier. This is why houses in the same school district are more expensive but more popular.
About travel
In America, it's a good idea to change downtown. The heavy traffic in the city will also give you a headache. No one wants to spend a long time on the way to and from work. Choosing a house closer to the unit will definitely add a lot to their quality of life. Therefore, it is also the key consideration when choosing a house.
Is there less interest on buying a house in the United States with an American green card?
If you want to invest in buying a house in America, you certainly don't want to miss such a good opportunity. But there are still some differences in whether there is a green card in America. Let's interpret American overseas investment:
There is no restriction on the eligibility to buy a house.
The federal government of the United States has never prohibited foreigners from buying real estate in the United States. Any foreigner can buy a house in America.
The United States is a country that welcomes foreigners to invest or buy real estate in the United States, and there are almost no restrictions on buying a house.
The conditions for foreigners to apply for mortgages are stricter than those for locals.
In the United States, the interest rate of local people (local people refer to people who hold American green cards or American citizenship) is generally lower than 4%, but foreign buyers usually aim at investment, so the interest rate they can get will be 5% or even higher. Moreover, in most States of the United States, although foreigners (without American green cards) can buy American real estate through loans, the down payment is usually 40-50%, and the lender also needs to provide proof of cash, proof of assets, passport, proof of income, credit record, American bank account and proof of current address.
What are the restrictions for foreigners to buy a house in the United States? Can I get a refund if I buy a house in the United States and am refused entry?
What are the restrictions for foreigners to buy a house in the United States?
There are no restrictions on buying a house.
From the perspective of buying a house, the United States does not restrict foreigners from buying a house in the United States, nor does it limit the number of families. The federal government of the United States has never prohibited foreigners from buying real estate in the United States, and all foreigners can buy a house in the United States. The United States is a Europe, and foreigners are warmly welcome to buy real estate in the United States. There are almost no restrictions on buying a house.
The building types are basically unrestricted, outside the new york Deep Cooperation Apartment Building.
In terms of building types, whether it is commercial buildings, land resources or houses, they are all open industries. However, in new york, there is one type of building that has more restrictions on foreigners, and that is cooperative apartment building (coop). It is not easy for foreigners to choose because of the harsh verification.
Qualification of housing loan: the rules and regulations of housing loan for foreigners are stricter.
Can foreign buyers borrow money to buy a house in the United States? Absolutely! Generally speaking, the first loan of overseas buyers is also high, which must be higher than 35%, and the maximum loan can be 2 million US dollars. Moreover, it takes a very long time for foreign buyers to apply for loans in the United States, during which time they can review and clarify the repayment ability of buyers.
Sale of real estate: everyone has to pay income tax, and foreigners will have to pay it later.
Although the federal government of the United States does not restrict foreigners from buying houses and land in the United States, there is no professional requirement for them to sell real estate. According to 1980 "foreign investment real estate tax law" (FIR PTA), when non-resident foreigners sell American real estate, they must detain 10% of the selling price in advance as deferred payment of real estate income tax. Deferred payment is directly submitted to the IRS by the property right transfer company from the selling price account.
Can I get a refund if I buy a house in the United States and am refused entry?
As long as there are no citizens or residents of China in the United States, visas are required for entry and exit. People with China nationality can buy a house in the United States, but they can't make entry and exit cards. If the United States allows people to buy houses at will, then the investment will be completed and all foreigners will go to the United States to buy houses. Obviously, it is impossible.
Although buying a house in the United States can't be used as a pass card for entry and exit, the United States revised its current visa policy in 14, and China can apply for a round-trip visa with the validity period of 10, which can solve the problem of arbitrary entry and exit, but it doesn't mean that it can live for a long time. If you want to live permanently, you need to apply.
Can non-Americans still buy a house in America?
1. Non-American citizens can also buy houses in the United States.
2. Nationals of China can also buy houses in the United States, where middle houses are very cheap.
Many families in China don't know much about American investment, so they are very happy to hear about American investment. Remembering that buying a house in the United States allows the whole family and children to study in the United States, and the whole family can enter and leave the United States at will, they began to look around for data on buying a house.
Investment also needs laws and regulations. Some online publicity about buying a house is just a marketing tool, which is not stipulated in laws and regulations. In other words, buying a house can't handle investment at all.
You can't enter and leave the United States at will when buying a house, and you need a visa every time you enter the customs.
3, can not invest in the United States to buy a house, can not enter and leave the United States at will. If you want the whole family, the effective way now is EB-5 investment. 1990 has been incorporated into American law and has been implemented so far.
How much down payment do you need to prepare for a US loan to buy a house? What will happen if you can't get a mortgage in America?
How much down payment do you need to prepare for a US loan to buy a house?
In the United States, the key to issuing housing loans is that the collateral has sufficient use value. The applicant has a good reputation and a fixed income, which is not directly related to the identity and nationality of the applicant. At present, in most states in the United States, foreigners (without American green cards) can buy American real estate by stages, but the down payment is generally 40-50%. At the same time, because there is no American personal credit record and proof of the source of funds, the loan company will additionally stipulate that the borrower will pay interest higher than the sales market level 1-2%.
The down payment ratio should not be too low: more than 20%: generally, you can get a better interest rate. It must be noted that many housing loan companies have fixed interest rates, such as 20%, 10%, 5% and so on. If your down payment is only 19%, you'd better try your best to find more money to make up for 20%, and the interest rate may be much lower. In addition, many housing loan companies stipulate that the down payment for apartments is not less than 20%.
10%-20%: Single-family villas and townhouses can usually make a lower down payment, but this generally means higher interest rates. If your down payment is only 9%, you'd better make up 10%.
5%- 10%: Fannie Mae housing loan, with a down payment of at least 5%; JumboLoans down payment shall not be less than 10%.
3.5%: This is also the minimum down payment for FHA housing loans. It is difficult to apply for a successful housing loan below 3.5%.
In the United States, the federal government's low-interest loans are stipulated by the US government departments, and the down payment only needs to be 3.5% of the total house price, but the federal government's low-interest loans need to bear the commercial insurance of house mortgage. So although the down payment is low, there are extra expenses.
What will happen if you can't get a mortgage in America?
1. The down payment will be given to the real estate agent for free.
You have to pay a down payment before you can apply for a mortgage at the bank. Therefore, if your housing loan is not repaid, it is impossible for you to repay the down payment.
2, the cost of buying a house has also gone down the drain.
Buying a house is not an easy task, especially in terms of expenses. What real estate deed tax, housing maintenance fund, city supporting fee, decoration fee, etc. Must consume. Therefore, if your housing loan is not paid back, this kind of expenditure will be wasted.
3. Personal credit report is damaged.
It's bad enough that the house is gone, but the owner's personal credit report will also bring stains after the mortgage is cut off. And if you are likely to be in a state of working capital difficulties, it is already difficult to get through the crisis according to the loan after the personal credit report is damaged. Because, after the personal credit report has caused a stain, it is basically impossible to apply for a loan.
4. Debt collection
Financial institutions are afraid that you will not pay back the money. After you cut off the loan, the financial institution will definitely make a debt collection. As for the means of debt collection, it depends on the mentality of the debt collection company of the bank, but life will never be easy.
This house was auctioned off.
The worst result is that the house is auctioned by the bank, and the proceeds from the auction are used to offset the accounts. Moreover, financial institutions want to bid for your real estate through the people. After the financial institutions appeal successfully, you still need to pay the lawyer's agency fees, legal fees, protection fees and other expenses.
6. Money owed to the bank
After the house is auctioned, if the proceeds from the auction cannot cover the bank loan. Then we not only lost our house, but also owed a lot of money to financial institutions.
Therefore, if the mortgage is not paid, the most appropriate choice is to apply to the insurance company for an extension, even if it costs several hundred yuan a month, the house can survive, and it is too late to start again after the difficulties have passed!
What are the requirements for buying a house in America?
1. Select the type of house to buy.
First of all, you have to find out what kind of house you want to buy. There are many kinds of houses in the American real estate market, and the main investments are single-family villas, conjoined villas and apartments. For property buyers, single-family villas have more investment value, while apartments have no value. After the apartment is completed, it needs to spend a lot of money to maintain, so the value will decrease year by year, while the single-family villa is just the opposite. Although the house also has aging problems, the land where the house is located will always be owned.
2. Installment payment of land transfer fees
China's land transfer fee is paid in one lump sum when buying a house, while the United States pays it in installments, also known as local tax, which generally accounts for 20% of the house and is paid on schedule every month. The monthly local tax is not fixed and will increase according to the growth of GDP and the price of housing assets.
3, housing loans are difficult.
It is difficult for foreigners to borrow money to buy a house in the United States, because almost all the big banks in the United States do not provide foreign loans to buy a house. At present, HSBC can provide foreign guests with 60% loans to buy American real estate, but this goal is limited to VIPs who have $60,000 abroad or have more than $654.38 million in domestic deposits.
4. The transaction cost is relatively high.
Buying a house in the United States requires paying property tax, which varies from state to state in the United States, and is generally a little more than 1%. The government will make an evaluation price for each house, and then calculate the property tax according to the evaluation price. At the same time, I also need to buy home insurance, a 500,000 house. The housing insurance premium is about $65,438+000 per month, which is $65,438+0,200 a year.
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The introduction of housing loans for foreigners in the United States ends here.