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Foreign National Mortgage-what rate should I get?
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Foreign National Mortgage-what rate should I get? wysiwyg 04-11-2006
Posted by wysiwyg on April 11, 2006, 2:21 pm
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 Hi all. 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.
Thanks for reading.

Any emails remove nomail



Posted by $cott on April 12, 2006, 8:48 am
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 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.

Cheers,

Scott Miller
National Commercial and Residential Lender/Broker
1.877.716.6495
EZMortgageLoanz@aol.com

www.RealEstate-IQ.com
www.EZMortgageLoanz.com


Posted by wysiwyg on April 12, 2006, 12:17 pm
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Hi Scott.
I have sent you an email.
Thanks

> 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.
>
> Cheers,
>
> Scott Miller
> National Commercial and Residential Lender/Broker
> 1.877.716.6495
> EZMortgageLoanz@aol.com
>
> www.RealEstate-IQ.com
> www.EZMortgageLoanz.com
>



Posted by wysiwyg on April 12, 2006, 4:23 pm
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Scott
I am trying to respond to your email but AOL are bouncing it.
I will try again later.
Steve



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