Millian Group provides different types of finance arrangement that are available internationally to determine the one that suits you and your circumstances best.
International Mortgages - depending on the country you are interested in buying property in and on your own personal financial circumstances some home grown lenders offer straight mortgages for overseas property purchase. Millian Group and its partners offer mortgages services for U.S. citizens and U.S. Residents interested in buying in France for example.
Mortgage types and repayment methods are standard however there is often the added criteria that the purchaser is already a home owner in the USA and pays mortgages. Buying abroad is basically, the same principle. This is to remove a layer of confusion and complexity for the interested purchaser as the whole process follows the path they have likely taken for a domestic property purchase, the only major difference is that an international mortgage will likely be secured on the foreign property.
Local (Overseas) Mortgages. Millian Group works with foreign banks as well. It is sometimes possible to raise a mortgage locally in the country you are buying in. This is especially the case when one of the larger international banks like Bank of America has a subsidiary in that particular country or the country, for example Australia, has close ties with the USA and can access personal credit history, etc. It is important that you make sure you understand the terms and conditions of the loan and the repayment duration and terms as well, not all countries have the same mortgage arrangements as the USA. Millian Group specialists will be happy to assist you with the best financial arrangement.
Expatriate Mortgages - as an expatriate it can make a lot of sense to purchase back home either for investment purposes or as a base for you to return to at some point in the future. If you had a strong credit history before you expatriated and you are now in receipt of income to support your mortgage application, Millian Group will provide you with the best solution of financial arrangements. Usually you should be able to borrow up to 80% of the property's value and when it comes to proof of income this can be made up of earned, pension, investment and rental income.
Equity Release or Second Mortgage method exercised by Millian Group is the simplest and most popular method being used for the purchase of second homes overseas. Many people have built up substantial equity in their homes, many are now releasing this extra money to purchase property abroad in cash.
If you consider this method you must accept that the additional sum you add to your mortgage will incur interest, it will have to be repaid over the term or at the end of the term of your mortgage and that the whole loan is secured on your US home.
Stage Payments method is recommended by Millian Group specialists if you purchase property off plan, you may have the option to pay for your property via a series of installments that you can save to fund during the build period. You will be required to pay a securing deposit up front and then your installment dates and amounts will be written into the contract enabling you to budget accordingly. Clearly this method would particularly suit those with a high level of disposable income.
Millian Group works with the most reputable lenders offering the best deals currently.
Millian Group is your international independent mortgage broker who can take on board your circumstances including the country you are interested in, the amount you would like to raise and your own personal financial situation, and then apply his expertise to searching the global market-place to find the best possible finance deal to suit you.
To see how we can assist you please let us know your requirements and we will be in touch with our recommendations. Cotact us at 1.800.GROUP.16