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Mortgage – Loan for working abroad

This time, a little for a change, we will try to bring the subject of US loans closer. We raise this issue because in Poland loans for people working in Australia or elsewhere are more and more advantageous. That is why many people working abroad wonder where it is better to take out a mortgage in Poland or Great Britain. There are many wrong myths about this. That is why we devote this article to clarify this issue.

Mortgage in the US

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On the Internet, you can find many opinions of people who bought property in Great Britain . However, very often they are inexperienced people or those who refer their opinion only on the basis of one bank.

To apply for a loan in the US, we must have adequate earnings and own contribution. It can come from a donation or savings. In exceptional cases, you can get a down payment from a loan . However, a very small number of banks agree that the own contribution will come from the loan. It is worth remembering that the smaller the contribution, the worse the conditions we can get.

Of course, in the US, you can also use various government programs to buy real estate. Each of them has its own rules, it’s certainly worth getting acquainted with the details, perhaps some programs will be beneficial for us.

We will now discuss how the impact of employment on credit terms looks in practice. We will start with a person running a business. A very popular myth that circulates on the Internet is that these people have a different pool of loans that they can use in the US or are in a worse position when applying for a loan. This is definitely not true. A person running a business has the same offer as a person working under a contract.

There are over eighty banks in the US

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Some of them will agree to a loan after a year of working on their own business. However, most banks, more specifically about two-thirds, require that they document their operations for at least two years. There are also several banks where you must be in business for three years to apply for a loan . To sum up, after a year we can apply for a loan for real estate in the case of running a business. If you have a business and are thinking of buying a home, it is worth planning it a little earlier.

However, if you work on a contract, some banks require half a year, while another requires three months. There are banks that will grant the borrower a loan based on the employer’s statement that he will hire an employee next month. You do not have to be physically employed by the employer to apply for a loan . Of course, of the eighty banks only a few offer such an opportunity.