Foreign national mortgage brokers - what rate should I get?
I am not sure if this is the right place to ask this question and if
not I am sure I will be pointed in the right direction.
I am from the UK. I am buying a property in Florida. It will be solely for
the use of my wife and I.
I will be putting 30% down on the cost and will mortgage the rest.
What would I expect to pay in interest rates? I have been told by a broker
that 7% on a monthly ARM is the rate.
I understand as a Foreign National I will pay more than someone from within
the US but it does seem a heavy premium when some of the rates on websites
are advertising 5.25%.
Is the rate right or is there a program out there that will be better.
BTW I won't want a lower rate with interest added to the capital.
I am a mortgage banker that has assisted a fair amount of FNs in the
endeavors to purchase a 2nd home in the USA, I can provide the
following insights gleemed from my year's of experience in this niche:
a. Your down payment requirement is on the high side; I am aware of
several FN loan programs that only require 20% down.
b. You are not limited to using a monthly ARM; there are I/O (interest
only) and fixed rate programs available to FN. There is even an Option
ARM loan program for FNs that allow for a 30% down with a start rate of
below 3%.
c. There are more then 30 lenders in the USA that will lend to FNs;
you should shop your requirement around.
If you would like, I can put together a proposal with 3-4 financing
options based upon a a mix of loan products (fixed rate, adjustable
rate, etc.).
If this is of interest to you, I will need to know some particulars
first.