A Florida Mortgage For Foreign Nationals

Making a decision of buying a property in United States of America is a big step in your life especially when you are living in some other country (foreign national). In the United States, there is vast number of opportunities for foreign nationals to invest in real estate business. No matter which country you belong and currency you have to spend, you can still invest in a property. 

In Florida, making investments in real estate has become a very hot topic among the foreign nationals. Florida has been a favorite destination for investment among the borrowers because of its easy availability of mortgages for foreign nationals, favorable currency exchange rates, efficiently funding options for lending mortgages, steady inventory and rental growth in Florida, etc. 

The reasons why Florida is an attraction to Foreign Nations are its various pleasing destinations with different features such as Walt Disney World and Universal Studios in Orlando and bona fide international destinations like Miami Beach and nightlife etc. Because of the newly built real estate property, property pricing is justifiable here that is the biggest reason for attracting more and more foreigners towards this place for investing in real estate.

Now a question arises how to get a foreign national mortgage loan in Florida by foreign nationals?

Residents from other countries are fully allowed to obtain a foreign national mortgage in Florida. There are significant numbers of banks and private lenders in Florida to provide you the best mortgage dealings to invest in property in the whole country. There is a general confusion that remains in the mind of foreigners that whether to choose bank or lender to obtain funding for purchasing a property. 

Selecting a mortgage lender in Florida for getting investment property loans could cost you, but it will benefit you either in other ways. Unlike banks, private mortgage lenders primary motive is not to earn money but to provide you the best deal such as favorable loan rate, quick documentation and fast loan approval services. While choosing a private money mortgage lender you have to keep in mind the following things:

• Credibility and experience- Choose a credible lender who will not dupe your loan process in the middle and has a good experience in this field.

• Application and approval- Every borrower wants a short period in the application and its approval process. The best lender is that who ensures you the prompt and fast approval of your mortgage loan with less paperwork.

• Interest rates- As a borrower, you have to choose a lender who is providing you favorable interest rates as high-interest rates would cause you loss by making substantial payments

• Proper documentation- Although every borrower dreams of less documentation in the process of the loan, but still you need to have specific documentation as per the terms and conditions of the government of the country.

• Flexibility in payments- The main reason for preferring lender instead of banks is that you don’t have any burden of making payments after a fixed period. Hence, select the lender who is providing you the payment plan which suits your pocket.

Benefits of obtaining Bridge Loan Financing with Private Lenders

As it is clear from the name that bridge loan is a temporary kind of financing which is taken to create a bridge between the short-term cash requirements and long-term investments. But the main drawback is that these are provided at an excessive rate of interest and backed by collateral security by Banks as the primary motive of a traditional bank is to earn profit from the development projects. But on the other side, private money mortgage lenders are more receptive, they charge less rate of interest as their primary motive is to help the borrower in meeting his financial needs.

In short, if you want to slighter that drawback of bridge loan financing, you can switch to private money lenders rather than the banks which are charging a higher rate of interest plus collaterals. Private money lenders are those non-banking firms that offer loans with different rules and regulations, unlike the banking protocols.

Now a question arises that how to choose a perfect money lender for financing your bridge loan:-

The best way of finding a lender is from the internet. A quick internet search will provide dozens of lenders offering the different rate of interests, fees and other terms and conditions. It depends on you that how will you get the best lenders by comparing each of them from the services provided by them.

Benefits of obtaining the loan from a private financer are: -

•          No credit history check: - When you apply for a loan at any bank, the very first thing they will check is what your credit history is. However not every applicant has credit score which will match to the bank’s requirement. So in this case, the applicant will be rejected by banks. But in case of private money lenders, they will not check your credit history.

•          Quick money disbursal: Banks will give you the surety that they will provide you loan just after completing the legal requirements, but the reality is different. Banks spend more time on their rules rather than their servicing. On the other hand, Private money lenders will disburse the funds in a short span of time.

•          Less documentation: - Banks ask for various documents and forms to be submitted by the applicant before the disbursal, and each form has different charges. But this is not happens in the case of private money lenders.

So you should try for a private money lender instead of traditional banks. But before applying for bridge loan financing make sure that the lender whom you are dealing with has the required license.