Financing Explained

How do I get started?

The US uses a system to grade everyone’s credit giving a number between 300 -900. As a non resident you probably won’t have a US social security number or a credit score. So you will have to bring over several documents with you. The deposit you will need will be anything from 10%-30%. The interest rates and documents needed will vary depending on how much of a deposit you put down, and how much can be verified. The simple rule is the bigger the deposit and the more information you have the cheaper the interest rate will be.

Examples of documents you need to bring with you are.

• Original letters/statements from lending institutions, mortgages, car loans, credit card statements, telephone and electric bills etc.
• Details of your current and savings accounts with banks or building societies, last two months bank statements. Bring the name, address and telephone number of a person from each account who can be contacted to verify this information.
• Valid passport
• Any tax return forms, if you have them.

Additional Information

• Pre-qualification and Pre-approval on a Mortgage
• What factors need consideration when applying for a loan?
• What are the basic components of a mortgage loan?
• Types of loans?

For more information contact us