- This is a guide to buying a home and getting a mortgage in the USA as a non-resident.
- The US mortgage market is well-developed but operates differently than in Europe.
- The first decision is whether to choose a fixed or variable rate mortgage.
- Different banks and brokers offer different products, and rules may vary by state.
- It is possible to arrange a mortgage directly with a bank, but using a broker may be more helpful.
- As a foreigner, legal requirements and options for getting a mortgage may vary.
- Paperwork needed includes personal identification documents, proof of legal residence, creditworthiness, and affordability.
- Getting pre-approval or a mortgage in principle is a good starting point before finding a property.
This guide provides information on the types of mortgages available in the USA and the steps needed to set one up for non-residents. The guide covers which banks offer mortgages and home loans in the USA, the legal requirements for getting a mortgage, and the paperwork needed. The US mortgage market is well developed, but it operates differently from the system in Europe. The first decision for a buyer is whether they want a fixed rate or variable rate product. Fixed-rate mortgages guarantee the same interest rate for the duration of the agreement, while variable rate mortgages can cost more or less depending on how the interest rates change. Different banks and brokers offer different products, and not every customer can access all loans available. Expats’ rules and products may vary depending on the state they are in. The guide recommends taking advice from a qualified financial advisor or mortgage broker who can fully explain the options available. Foreigners, resident or not, can legally buy property in the USA and apply for a mortgage. However, different lenders operate in different areas, and individual banks set their own terms and conditions.