Going to the United States to buy a home loan to find what bank
As the world's largest economy, the United States has a perfect lending system, the Chinese in the United States to apply for a loan to buy a home can generally be through the following three ways: 1, loan brokers in the United States more than half of the home loans are completed through the loan brokers, the loan brokers are the aggregation of Loan brokers are the intermediaries between borrowers and lenders. Loan brokers can negotiate fees directly with buyers, and can realize the lowest loan interest rate and the least cost for you. So for those who are not familiar with the U.S. mortgage business, finding a "reliable" loan broker is a good choice. However, specialized services will also charge a fee, loan brokers usually charge 1% of the loan amount of the fee. 2, commercial banks commercial banks such as Citibank, Bank of America, etc. to provide loans at very competitive interest rates, if you have a checking account or deposit account in these commercial, you can also enjoy the loan preferential. 3, the mortgage banker mortgage banker on behalf of one or more banks to provide loans for you, but this type of loans to provide you with a loan, although this type of lending service is limited to customers of these banks. For most Chinese investors, consulting with a U.S. commercial bank that has branches in the country is the primary lending avenue. Principles and Conditions of Loan Origination In the United States, the core principles of mortgage loan origination are that the collateral is of sufficient value, that the applicant has a good credit rating and a consistent source of income, and that there is no direct correlation between the applicant's status as a national and his or her citizenship per se. Currently, in the vast majority of U.S. states, foreigners (without a U.S. green card) can purchase U.S. real estate through a loan, but the down payment is usually 40-50%, and because of the lack of a U.S. credit history and proof of source of income, the lending institution will additionally require the lender to pay an interest rate of 1-2% above the market level.
What is it like to work at the Federal Home Loan Bank
The Federal Home Loan Bank (FHLB) is a government-backed financial institution that provides financing and other services. As a large financial institution, it offers a wide range of career opportunities and has a high level of employee benefits and training.
Specifically, going to work at FHLB may face the following situations:
1. Job stability: Because it is a government-supported financial institution, it is still able to maintain a relatively stable operation in times of economic downturn.
2. Career advancement: FHLB has a number of departments and areas that can offer various types of positions and opportunities for advancement.
3. Benefits: The company typically offers a competitive benefits package including health insurance, retirement plans, etc.
4. Training and Learning: The FHLB focuses on employee training and learning and encourages employees to participate in activities such as internal or external courses and professional certification exams.
Of course, working for any company requires effort and adaptation to the company culture. If you're interested, learn more about the company and seek out relevant job postings.
How much of a down payment do I need to prepare for a US home loan? What are the implications of not being able to pay off a U.S. home loan?
How much down payment do you need to prepare for a US home loan?
In the U.S., the key to granting a home loan is to have sufficient collateral value. The fact that the applicant has a good credit rating and a consistent regular income has no immediate relevance to the applicant's national origin. At this stage, in most states in the United States, foreigners (without a U.S. green card) can buy U.S. real estate through installment, but the down payment is usually 40-50%, and because there is no U.S. personal credit history and source of funds to confirm, the lending company will be additional requirements for the borrower to pay the sale of the market level of interest of 1-2% above the level of the borrower.
No down payment should be too low: 20% and above: you will generally be able to get a better interest rate. Be sure to note that many home loan businesses have fixed lines for interest rates, such as 20%, 10%, 5%, etc. If your carefully prepared first installment payment is only 19%, it is best to do whatever you can to find more money and round up to 20%, and the interest rate may be much lower. In addition, many home loan companies require a down payment of no less than 20 percent for condominiums.
10%-20%: SingleHouses and Townhouses are usually able to put down a lower down payment, but this generally represents a larger interest rate. If you've crafted a down payment of just 9 percent, it's best to scrape together 10 percent.
5%-10%: For FannieMae home loans, the minimum down payment is 5%; for JumboLoans, it's no less than 10%.
3.5%: This is the minimum down payment required for FHA home loans. Less than 3.5% makes it difficult to apply for a successful home loan.
In the U.S. loan to buy a house, the federal government low-interest loan is through the U.S. government departments, the down payment only need to do 3.5% of the total price of the house, but the federal government low-interest loan need to shoulder the home mortgage commercial insurance. Therefore, despite the low down payment, there are additional expenses.
What are the implications of not being able to pay a mortgage on a house in the United States?
1, the down payment is free to the real estate agent
Everyone buying a house will have to pay the down payment first, after obtaining the down payment voucher to go to the bank for a home loan. Therefore, if you can't pay your home loan, your down payment is not likely to be returned.
2, the cost of purchasing a home also hit the water
Purchasing a home is not an easy thing, especially in the expense of a very large cost. Which property deed tax, housing maintenance fund, city support fees, renovation costs these are to be consumed. Therefore, if you can't pay back your home loan, this kind of expenditure will be wasted with it.
3, personal credit report damage
It's bad enough that the house is gone, but the homeowner's personal credit report will also bring stains after the home loan is cut off. If you are probably in a difficult working capital situation, it is already difficult to borrow money to get through the crisis after the damage to your credit report. As a result, it is basically impossible to apply for a loan after the personal credit report has been stained.
4, the debt collection
Financial institutions are afraid that you do not pay the money, you broke the loan after the financial institutions will certainly carry out debt collection. For, debt collection means how, depends on or bank debt collection company's mind, but the days will never be good.
5, the house was auctioned
The worst result is that the house is the bank for auction, with the auction proceeds against the debt. And, financial institutions want to bid on your property also through the people, financial institutions after the success of the complaint you still need to pay for legal representation, litigation costs, protection costs and other costs.
6, the money owed to the bank
After the house auction, if the auction proceeds can not be offset against the bank loan. Then we not only the house is no longer, but also owed a debt to the financial institutions.
So, if you can't pay the home loan, the most appropriate choice or to apply to the insurance company to postpone it, even if it's a few hundred dollars a month can be, the house can be Mr. alive, and so on in front of the predicament past and then start over again is not too late!
How much does it cost to buy insurance on a U.S. home? What is the U.S. home loan policy?
1. Is it necessary to buy homeowner's insurance to purchase a home in the United States?
If you have to take out a loan to buy a house, then the lending company will want you to take out a homeowner's insurance policy (HomeOwnerInsuranceorHazardInsurance) before you close on the title.
2. How much does homeowners insurance usually cost?
Every commercial insurance policy costs something different. For example, earthquake insurance: in areas with high seismicity, a house with a value of $200,000 will cost about $400-$600 per year for earthquake activity insurance, which is basically the same as a homeowner's normal homeowner's insurance premium. In regions where seismic activity is very rare, the premiums for earthquake hazard insurance are lower.
3. What can I do to reduce my homeowner's insurance premiums?
Generally speaking, homeowner's insurance premiums can be reduced by increasing the amount of money you pay out of pocket. In addition, you can also reduce your insurance premiums by lowering your business insurance amount or insuring your home with your vehicle. In addition, there are some insurance companies that give a 5% discount to customers who have been in the business for 3 to 5 years, and a 10% discount to customers who have been in the business for 6 years or more. The final trick is to improve home security, such as assembling a smoke detector or burglar alarm system (Alarm) may get a 5 percent discount.
What is the U.S. mortgage policy?
The ability of the American masses to afford a home lies largely in the ability to get a loan from a commercial bank, and whether or not the financial institution is lending depends on an analysis of the borrower's income. Under the premise of the Dodd-Frank Act, the U.S. Consumer Financial Protection Bureau issued new regulations for the U.S. home loan market, and on January 10th announced the implementation. Under the policy, lenders must verify that the borrower can actually repay the home loan. As a result, lending institutions must consider a number of factors, such as the lender's earnings, current debt, and personal credit history, to confirm that the borrower's business is in good physical and mental health.
Long before last year, the U.S. commercial banks began in full swing to upgrade the technicality, write a new loan steps, and train staff to meet the latest policy of control. Some industry insiders believe that the entire process of borrower applications will likely not be as smooth in the coming weeks, including having to wait longer and its harsh verification and many other issues. Real estate information site Zillow chief economist Humphreys indicated that in the first two months of this year, because the lender needs to transfer to the new system, a short period of time the whole process of mortgage approval is likely to be not so smooth, but the latest policy on the U.S. real estate market should not be too great a danger.
Based on the data released by the American Bankers Association, the number of recent U.S. mortgage approval products continued to decline, once the lowest in nearly 13 years, which reflects the impact of rising interest rates on U.S. mortgages. In addition, Wells Fargo, JPMorgan Chase in the low rate conditions with the help of refinancing business and a lot of revenue mortgage lending organizations, previously have to the business market outlook has been spreading warning, think the demand for loans is actually more serious than expected level of contraction.
It takes about two months for an overseas buyer to apply for a loan to purchase a home in the United States, too. At the same time that property prices are playing up, APRs are rising rapidly, which can have a big impact on turnover. Some analysts said that today's U.S. housing market is overly dependent on a one-time payment of the full payment of the customer, but the national housing price rise must be with the help of traditional customers, who borrowed through the mortgage loan loans, and therefore, today's loan lending standards and interest rates to improve the U.S. housing market is likely to block the recovery.
Based on the Goldman Sachs report, before the financial turmoil, the United States "one-time payment" to buy a house accounted for only 20% of the transaction, but today it rose to nearly 60%. It is worth paying attention to, the National Association of Realtors previously released results show that U.S. investors into the U.S. property market, the second largest foreign customers. While many U.S. masses are overwhelmed by heavy home loans, 70 percent of U.S. homebuyers are buying homes in full cash.
What is the U.S. real estate loan mechanism and how is it reviewed? How is the U.S. real estate transaction tax calculated?
What is the U.S. real estate loan facility and how is it reviewed?
One, better credit
All the lenders according to the verification of my social security number, get from the three major credit assessment company personal credit report scores. At this stage, all banks use the middle of the three reports as the credit approval score. This number summarizes the length of the person's previous credit history and rates the probability that the lender will pay back the money on time in the future. Strong credit scores not only qualify the applicant for the program, but also for a better APR on the loan.
This credit index is based on the rating of the following items:
Payment history time: Is it on time? Is there a good habit of paying late? How many times? 30, 60, 90 days late payments? How long has it lasted? In the current year? In the previous year? Have you ever gone out of business? Have you ever been in debt collection? Do you have any debts with the IRS? Are you behind on child support payments? Late payments on home loans are actually what banks are most concerned about, so they go back a long way. Other credit card late payment records that are more than a year old can be counted against the rating.
Credit card credit limit: The larger the credit limit, the better the credit. But don't spend more than 50 percent of your total monthly credit limit, or you'll be penalized. The more you spend over the total amount, the more points will be deducted. Credit history time: Banks must assess at least four credit lines, two of which require more than one year of credit history
Credit type: Having received several types of loans, such as home loans, credit cards, car loans, student loans, department store credit cards, gas recharge cards, and so on. It is advisable to have more than one type of credit. Frequency of credit checks: points are deducted for every additional time your credit is checked. If you are caught too much, it is necessary to write a letter of representation to show the reason.
II. Relatively stable income
This is also a guarantee of granting a loan. In general, the monthly income should be 2.5 times the cost of the loan. At this stage through the debt ratio DTIRation (debt / income) for the following 55% of income, but the standard of each bank is different, but can be calculated using the formula for calculation, the loan principal loan interest real estate tax fire all the bank credit monthly payment (from the credit form records) / 55% of total monthly income
The approval of the income of the criteria for the following 2 points: a relatively stable income. The lender has a record of continuous operation for more than 2 years in the industry in which he or she is engaged. Adequate income from. Income can be confirmed by the following methods:Fixed salary: used for salaried workers, given 2 years W-2 form, approved on the basis of pre-tax salary income. Self-employed business managers: receive a 1099 form, given 2 years of bonding zone sheet, according to the after-tax salary AGI measurement of 2 years of average income.
Three, proof of funds
This is also important to ensure that the loan passes quickly. This is the case with savings, checking accounts, time deposits, retirement accounts, and the stock market. The down payment and the cost of purchasing a home, plus three months of monthly payments on the home loan amount, must have the relevant proof of bank deposits for more than two months.
As soon as possible, if you are going to buy a property in the last 2 months, you need to deposit the cash in the bank first, and then photocopy the bank statement (all pages) for 2 months as proof of funds. If the housing loan is small or full fund net worth, the bank refuses to accept the photocopies printed from the network, unless it also has the full name of the person applying for the loan, the name and account number and other news and information. (Generally the network version number can not be displayed)
All work in the monthly income other than savings, must be added to a letter of expression, expression of the source of the money (LOE-LetterofExplanation). If there is a large amount of deposit is in overseas remittance, also to explain and confirm the source of money. Generally the remittance of money to the bottom of the bill as a basis.
Four, the value of the property
This is also the limit to determine the amount of loan available. After all, it is a real estate mortgage, and its value is especially important as collateral. The vast majority of homeowners pick LTV 80% (loan amount / house price) below the loan program program, because the loan exceeds 80% pledge ratio, must be in addition to enough loan payment commercial insurance, that is, PMI (PrivateMortgageInsurance).
Depending on the loan amount, the monthly cost of insurance has varied from $150 to $250. the smaller the LTV. The better the loan program options and interest APR. Banks today are implementing more stringent income verification for lenders.
U.S. Property Tax Calculation:
There are two main elements in real estate taxes, the property valuation and the levy rate. These two are calculated by the government department, the government department has the right to collect real estate tax contains the county government department, the municipal government, and the school district. They levy county taxes, municipal taxes, and school district taxes. Property taxes, as they are commonly referred to, are the sum of these three taxes. The ratio of these three taxes is generally 1:1:5, with the school district tax more.
The main use of real estate taxes in the United States:
Real estate taxes are a source of revenue for every local government department and local public school district. If the revenue is too low, the local government can't hire police officers, can't repair roads and sewage pipes, and the school district doesn't have good equipment, all of which will directly affect the quality of life of the local residents and the value of the local real estate. That's why homeowners in the U.S. rarely object to the correctness of real estate taxes and how much they are. The general feeling in the United States is that it is the family's responsibility to pay more taxes on their assets, and that the government relies on taxes to provide assistance to the public.
The United States to provide subprime is which two financial institutions ah
The United States of America's two largest home mortgage financing institutions, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) last week, the news of deterioration of the financial situation, the company's share price plummeted. The U.S. government also urgently launched a "fire-fighting operations", in addition to Fannie Mae and Freddie Mac to provide financial support, but also took over another failed mortgage lending institutions, California IndyMac Bank. Mortgage agency crisis will further drag down the already weak U.S. economy, and will rebound on the dollar, the U.S. and global capital market confidence impact. For a while, the U.S. economy seemed to be completely shrouded in the shadow of the subprime crisis again. Fannie Mae and Freddie Mac were established in 1938 and 1970, respectively, these two institutions in the United States housing finance system plays a central role, is the United States Congress to ensure the flow of funds in the housing loan market and the establishment of legislation agencies. The primary business of the two companies is to purchase home mortgages from mortgage companies, banks and other lenders, and to securitize and package some of these mortgages for sale to other investors. The mortgages owned or guaranteed by the two mortgage lenders are worth about $5 trillion, equivalent to nearly half of all U.S. home mortgage debt. Fannie Mae and Freddie Mac encountered difficulties caused great concern. As Fannie Mae and Freddie Mac are mainly engaged in subprime mortgages outside the housing mortgage business, investors are concerned that their plight shows that the subprime crisis triggered by the bursting of the bubble in the U.S. housing market is likely to evolve into a broader "housing mortgage crisis", which will further increase the risk of financial turmoil in the United States and even the world. Various uncertainties affecting the global economy, such as the subprime mortgage crisis, high oil prices and high inflation, are still ongoing, and world economic growth will continue to slow down in the second half of the year, with emerging market countries paying particular attention to the risk of economic volatility.
The introduction of the U.S. Home Loan Bank and the U.S. Home Mortgage Rates ends here, and I wonder if you found the information you need from it?