Foreign National Mortgages

Foreign national citizens buying in United States must remember not to make assumptions about how mortgages work in America. There are many differences.  Understanding the difference will help you close a successful purchase.  You should work with a specialist in order to secure a foreign national mortgage to avoid the potential for disaster.  Caroline Gerardo, has twenty four years experience and can help you avoid the pitfalls and direct you in your search for a great investment home and the right Foreign National Mortgage Loan. The best way to guarantee the success of your property purchase is to gather as much factual information as possible, and get relevant advice from the right people with your best interest in mind and who work with foreign national mortgages on a regular basis.  A Realtor on the ground in the local County and city where you target to purchase is very important. They will know and have seen properties on the market over the years. Your documentation of bank statements and tax returns should be ready as pdf attachments. Current paycheck stubs and copies of your ID such as passport or driver’s license should also be copied and enlarged and put into easily readable pdf format. All the information about your financial status for the past two years is necessary to get a lower conventional mortgage loan. Every deposit over $500 that is not a payroll check you must be prepared to provide copies of the checks and trail the source. In order to get a low rate a very large amount of paperwork is required.  Mortgage Types for Foreign National Investors There are many of popular types of mortgages available to foreign nationals buying in California. Particularly the basic fixed rate and adjustable (variable) rate mortgages. However, there are variations on these themes that have no real foreign national mortgage equivalents.  There is also a wide range of programs and offers that are really only suitable for special case USA citizens.  Below you will find a brief description of the many types of foreign national mortgages. FIXED RATE MORTGAGE Fixed rate mortgages have traditionally been the most popular type of mortgage. With a fixed rate mortgage, you pay both capital and interest over a fixed period of (usually) fifteen or thirty years with the same monthly payment for the duration of the loan.  This type of foreign national mortgage suits buyers who value knowing exactly what their repayments are going to be over the long term and don’t want to take any risk of being affected by rising interest rates. Thirty year loans are the most popular. ADJUSTABLE RATE MORTGAGES With an adjustable rate mortgage (much like a UK variable rate or Canadian 5 year or 7 year but not due and payable) there is usually a fixed interest rate for the start of the term (typically five or seven years), after which the rate is adjusted once every year (depending on the foreign national mortgage type) and fluctuates in line with independent published financial indexes. SPECIAL CASE MORTGAGES Certain foreign national borrowers – those who are coming from non- OLFAC restricted countries who do not want to proved income and asset documentation. There are low documentation loans available, often called Hard Money loans in the eleven to twelve percent interest rate range with forty percent down payment. There is a foreign national mortgage structure for almost any situation, and once your mortgage broker understands your circumstances, we will be able to find a suitable mortgage to fit your situation.  MORTGAGES FOR RENTAL PROPERTIES There are different types of mortgages available, and these vary depending on the use you plan for the property. There are different lending rules for mortgages on properties which are used as a primary residence, a second home or as an investment.  Many times there are different and / or additional rules for Foreign residents. For those seeking a foreign national mortgage, you must ensure that you are completely open about why you are buying a property in California in order to avoid any serious consequences. For example, while you are researching the California market, you may see advertisements featuring loans of up to 80% of the property value which would increase your buying power with low owner occupied rates.  However, typically these loans are only available on properties that are for your personal occupation as a primary or a secondary residence.  These types of loans are not designed for and are specifically not offered on rental properties. Also certain properties such as condominiums may have pending lawsuits or low owner occupancy ratios and you may not discover this information until the last minute. Finding yourself at the final hour and closing on the property without a loan can be disastrous.  Do you pull out of the deal and potentially lose the property and your deposit? We work with many international, national, regional lenders and some Wall Street conduits and investment firms. Most US lenders do not offer foreign national mortgages or an international borrower program. Most of the big banks won’t touch them.  Each lender may limit options in some way.  When working with a buyer interested in a Foreign National Mortgage Caroline Gerardo is motivated to find the loan that offers the best rate and quickest approval time.  Because of this, we are not tied to any one bank and will work with many lenders to find a competitive rate and to guarantee loan approval. Our desire to find our clients the most suitable mortgage ensures a continued stream of referrals and solidifies our reputation as a top-notch foreign national mortgage resource. We will coordinate with a US escrow/ attorney and US notary for signing Caroline Gerardo will act as your professional in a  Real Estate Property transaction and Foreign National Mortgage Loan. Refinance or Purchase no limit to number of properties Rates change daily and are subject to your credit score, net income on taxes, type of property, property use and other factors call for details Caroline Gerardo NMLS #324982 (949) 637-8190 Newport Beach California

 

 

Laguna Garden Charm

I'm posting eye candy. Garden ideas from my yard, and neighbors. Come over it is summer. I'll make you homemade lemonade with mint sprigs. I have six varieties of heirloom tomatoes going wild. I even have okra and peppers in my front yard.

 

Mortgage rates are up a tick but everything in Orange County seems to be rosy.

Tourism is up 31% in Laguna Beach.

I am certain it might be more. I haven't seen traffic backed up this far in ten years. On my drive home from my W J Bradley Mortgage Capital LLs office in Newport Beach the traffic stops at Crystal Cove to enter north Laguna Beach. I'm not complaining. I can sit in my car and watch pilot whales pass me.

When I get home in an hour I look forward to the unusually cool weather in the mid sixty degrees in the evening. Last night my daughter and I went to Laguna Beach Art Walk and the streets were jammed and lively.

 

I love Dutch Doors-- this hand painted screen is amazing and wonderful

Picket fence with roses

Herbs, roses, old heritage annuals all from seed

Come sit and enjoy the music of hummingbirds

Hollyhocks

old fashioned door bell-better yet pick some weeds and the dogs will let me know you are here

outdoor art

California native begonias

Mortgage Job

 

 

 

Work in an office where no one has your back?

Processor has no time to review your file?

Company does nothing to promote YOUR brand?

 

 Have years of experience in the field?

Want to close more mortgage loans quickly?

Feel tangled in the mess you are in?

 

If you answered yes to these above, I would love to talk with you about how we can help you achieve your continuing goals and support your needs

We can make the transition smoothly. You’ll work in an office where your experience and knowledge is treated with respect. Feel passion for the loan business and have fun.

 

Caroline Gerardo

Branch Manager

Mortgage Banker

(949) 637-8190

NMLS #324982

23041 SW Birch Street. #330 Newport Beach California 92660

Upcycled Orange County Garden

galvanized trash can repurposed to succulent planter

Container from galvanized trash can planted with succulents. Fill the bottom with perlite and sand and poke holes  (if it doesn't already have some:) This will help the pot to drain.

 One pint of TRUST a dash of Caring ( I would say gallon of caring) understanding, shared secrets, mutual affection, respect, common interest, listening and fun. Sweet plaque for the patio

A fairy circle of pots?

fountain in the table

This fountain is an old cast iron shop table from a school that was throwing it away. The top is a door cut in unequal halves. (Cutting the one channel in a 1/3 proportion makes this fun. Old reused galvanized rain gutters for the water spout. A new pump, gravel and a variety of ferns

staghorn fern

At the end of this summer I need to divide some of my stag horns. I'm looking for new ways to use recycled barn wood or cast iron gate material to hang them. Any ideas? Recycled, upcycled materials that can hold weight?

wooden farm crate as planter

dahlias in my garden

Dahlia - love this color but - but - I planted white ones. Another summer surprise in my garden.

Bird houses in a neighbor's patio.

One of many  of my hardy begonias. Three years ago the tuberous fancy ones got a blight. I couldn't find good replacements at Plant Depot, or Green Thumb or Laguna Nursery. Instead of replanting the ones that disappeared I tried some new varieties I have a couple that are five feet tall. The best surprise is a few that did not bloom or shoot waxy leaves in the past three years somehow are back. Surprise they are smiling in my garden. Come on over I'll serve you tea and send you home with organic seeds.

Caroline Gerardo