Nowadays, vicious and successful people know how to invest, especially in real estate. I hope to maximize the investment income with the help of capital advantages. So, how can China people get loans smoothly in the United States? Let me talk about the conditions for China people to borrow money to buy a house in the United States.
First of all, let's find out, as a foreigner, are you eligible for a loan?
Is it higher for foreigners to apply for mortgages in the United States?
It's normal!
In the United States, the core principle of mortgage loan issuance is that the collateral value is sufficient, and the applicant has a good reputation and a continuous source of income, which is not directly related to the applicant's identity and nationality.
As an overseas person, the requirements for obtaining a mortgage in an American bank are relatively high. If you have relevant deposits, investments or other active accounts in the bank, or if the work visa holder has a long-term and stable income and expenditure record, loans in the United States are "extra points"!
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, lending institutions will additionally require lenders to pay interest higher than the market level 1%-2%.
Green card holders have lower requirements for applying for mortgage in the United States?
Not necessarily!
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, but as long as they meet the requirements, banks are still willing to lend to overseas applicants with higher comprehensive qualifications.
Before and after the green card, or more accurately, before and after the first tax return, the operation of buying a house with a loan is very different. It is much easier to get a loan as a foreigner before obtaining the status. Once they get their identity, it is almost impossible for newcomers to get a mortgage, because some hard requirements are simply not met, such as tax return records, credit, income and so on.
American mortgage application process
First of all, understand the process of applying for a mortgage in the United States. The process is similar to the domestic mortgage application process, which can be roughly divided into:
Choosing a lending institution-obtaining the prequalification of the lending institution-examining the applicant's qualification by the lending institution-real estate appraisal-lending by the lending institution.
Specifically divided into the following seven steps:
(1) Consult the lending institutions that can provide you with loans.
(2) After comparing the interest rate and the term, determine the lending institution that can provide you with the most suitable for your affordability.
(3) Obtain the prequalification of the lending institution that accepts your financial and identity information.
(4) According to the instructions of the lending institution, provide all information about income, identity and other requirements for review.
(5) The mortgage company conducts real estate appraisal to determine the value.
(6) employees who handle mortgage loans.
(7) loan transaction package fee settlement institution
Types of American mortgage loans
If you meet the conditions of buying a house with a loan, then you can consider the type of loan.
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)
Usually divided into: 3/ 1, 5/ 1, 7/ 1ARM, which means that the interest rate is fixed in the first three years, five years and seven years, and then the interest rate fluctuates according to Libor and other indicators.
For example, on 2011116, I bought a 300,000-dollar house in Los Angeles, California. I made a down payment of 40%, applied for a loan of 5/ 1ARM, and the loan interest rate for the first five years was 4.1. Starting from the sixth year,
(2) Fixed-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%.
The interest rate of short-term (3-5 years) floating rate loans is relatively fixed, and the interest rate is about 0.5- 1% lower. However, in the long run, the interest rate of floating rate loans may 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.
How do foreigners approach American lending institutions?
(1) loan broker
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) Commercial banks
Commercial banks such as Citibank and Bank of America offer very competitive loan interest rates. If you have a checking account or a deposit account in these businesses, you can also enjoy loan concessions.
(3) mortgage bankers
Mortgage banks 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.
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 is the mortgage interest rate in the United States?
(Unit: thousands of US dollars) (a) Within three years, calculate the interest at the rate of 3,000,004.25% 3 = 38,362.5 US dollars, and calculate it every three years. (Unit: thousands of US dollars)
American mortgage interest rate
American mortgage interest rate
As of March 2022, the average interest rate of 30-year fixed mortgage in the United States was 4.42%.
As of March, the average interest rate of 30-year fixed mortgage in the United States was 4.42%, which was higher than the average interest rate of 4. 16% last week. In the same period a year ago, the average interest rate of 30-year fixed mortgage Sakura Biyou loan in the United States was 3. 17.
Earlier, many research institutions have warned that the Fed's tightening of monetary policy and raising interest rates may impact many types of assets, including the US real estate market. As the Federal Reserve further raises the interest rate level, the mortgage interest rate in the US real estate market may face further upward pressure. At present, the 30-year mortgage interest rate in the United States is fixed, and the mortgage interest rate in the US real estate market may face further upward pressure.
3.4 1%; 15 has a fixed mortgage interest rate of 2.74%; The floating interest rate of 5-year mortgage is 2.68%, and there will be some differences among banks. The specific link depends on the actual situation;
20 18 1 1 American mortgage interest rate
United States 1 1 mortgage interest rate report
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Youtoufang
Youtoufang is a professional team that analyzes the big data of American real estate, helping Chinese to analyze the investment trend of American real estate.
abstract:
In 30 years and 15 years, although the mortgage interest rate was adjusted at 10, it generally rose sharply. The average values are 4.83% and 4.25% respectively.
5/ 1ARM adjustable mortgage interest rate continued to rise in June 5438+ 10, with an average of 4.08%.
Today, some investors have compiled the survey of loan interest rates of major financial institutions in the United States released by FreddieMac. To understand the operation process of American loans, you can refer to the relevant contents of the previous American house purchase guide: the American house purchase guide-a preparation manual before applying for a mortgage.
The average weekly mortgage interest rate is 20 18 1 1, and the overall mortgage interest rate drops.
Source: FreddieMac.
According to FreddieMac's statistics as of February 6th, 65438, the average interest rate of 30-year fixed mortgage in the United States was 4.75% last week, 4.2 1% last week and 4.07% last week on 5/ 1ARM adjustable mortgage. During the period of 165438+ 10, all interest rates fell in different degrees: the 30-year fixed interest rate continued to fall, the 15-year fixed interest rate and the 5/ 1ARM adjustable mortgage interest rate fluctuated slightly, but the overall trend was downward.
Average monthly mortgage interest rate: 20 18 1 1 The mortgage interest rate shows a downward trend.
#30-year fixed mortgage interest rate
In June this year, the average monthly interest rate of 30-year fixed mortgage increased by 0.04 percentage points compared with the previous month, but from the trend, it experienced a rapid growth of 10 interest rate at the end of June, and in June 1 1 interest rate showed an obvious downward trend. The average cost point is maintained at 0.5.
# 15 fixed mortgage interest rate
10, the average monthly fixed mortgage interest rate 1 15 also increased by 0.03 percentage points compared with last month, partly due to the high interest rate at the end of last month and the obvious downward trend of interest rate this month. The average cost point remains at 0.4.
#5 years adjustable mortgage interest rate
The adjustable mortgage interest rate of 65438+1October 5/ 1ARM fluctuated at the end of last month, showing an obvious downward trend in165438+1October, with an average monthly increase of 0.03 percentage point compared with 65438+1October. The average cost point is 0.3.
Note: 5-year adjustable mortgage interest rate means that the loans in the first 5 years are repaid at a fixed interest rate, and the rest are paid off at a floating interest rate, which is adjusted once a year with market changes.
# Available credit index
The mortgage credit availability index rose from 1 1 to 188.8. Credit index can be used to measure the strictness of credit standards. When the available credit index rises, it means that credit becomes loose. According to the report of Mortgage Bankers Association, while the traditional credit supply has increased, the government credit has remained basically unchanged, which has led to the increase of credit index.
Available credit index
Source: Mortgage Bankers Association.
The mortgage interest rate has a downward trend this month, but it is still rising.
In the third quarter of 2065438+2008, the GDP growth rate of the United States was 3.5%, exceeding the previous expectation. Since 20 18, with the Federal Reserve raising interest rates, mortgage interest rates have also entered the upward channel. Although the interest rate performance in June 165438+ 10 eased, it was difficult to stop the upward trend of interest rates.
Source: FreddieMac；; Shaded parts are estimated values.
According to Freddie Mac's forecast report, if the mortgage interest rate rises, while the labor market remains strong and income increases, then the US real estate market is expected to continue to grow moderately in 20 18 and 20 19.
Although the sales of existing houses may be difficult to surpass the best performance in 20 17, the sales of new houses should provide enough growth to promote the increase of the total housing sales in the United States in 20 18, and it is expected that the sales will increase moderately this year and next;
The real estate market is still in short supply, and house prices will continue to rise. However, the recent increase in housing supply will slow down the growth rate and house prices are expected to rise moderately. It is estimated that American house prices will increase by 5. 1% in 20 18, and the growth rate will continue to slow down to 4.3% next year.
Due to the increase of loan interest rate and the decrease of refinancing, it is expected that the new loans this year will decrease compared with the previous year. However, in the long run, the increase in housing sales and the moderate increase in housing prices will promote the increase in the number of new loans to offset some of its effects. It is estimated that the number of new loans will decrease slightly in 20 19.
Mortgage interest rate rises, and monthly supply increases.
Multi-party data show that the mortgage interest rate will continue to rise moderately in the future, which will directly affect the increase of monthly supply. Therefore, buyers who have plans to purchase houses should lock in interest rates as soon as possible to save money.
If the mortgage interest rate continues to rise in the future, then the monthly repayment amount of buyers who purchase houses with loans will increase.
The above picture shows the monthly repayment amount of 30-year fixed-rate mortgage under different interest rates and loan quotas.
For example, the interest rate of the 30-term fixed mortgage loan was raised from 4.5% to 5%.
If the loan is USD 350,000, the monthly payment will increase from USD 65,438+USD 0,773 to USD 65,438+USD 0,879, and the monthly payment will be USD 65,438+USD 0,006.
If the loan is USD 650,000, the monthly payment will increase from USD 3,293 to USD 3,489, and the monthly payment will be 196.
Global mortgage interest rate ranking in 2022
The top ten mortgage interest rates in the world in 2022 are as follows. 1, Argentina 19.5%. 2. The percentage of Brazil is 13.75. 3. Russia is 10%. 4. India is 8.6%. 5, the United States 5.8%1. 6, China 4. 1%. 7. South Korea 3.9%. 8. Britain is 3%. 9. France has 2% left. 10, Germany 1.9%.
This concludes the introduction of American loan interest rate and American loan interest rate. I wonder if you found the information you need from it?