What To Know About Foreigner Loans
Like it always has been, New York City today is host to an ongoing stream of foreign immigrants. During the economic crash of the last decade, lenders weren’t likely to extend finances to these new foreigners, but interest rates are currently at a low, and Singapore foreigner loans are becoming more popular.
There aren’t many Singapore licensed money lenders who will negotiate foreigner loans, but the business is still increasing. Multinational bank HSBC in London has reported that home loans offered to foreign borrowers in the U.S. have tripled in number since 2010. The reason for the growing number is believed to be the lowered interest rate. HSBC has a presence in 81 countries and territories, and offers quite favorable mortgage terms: currently, HSBC offers loans for 70% of a home purchase price, up to $3 million.
Even though interest rates are regularly a bit higher for personal loan Singapore for expats, the interest rate on a five year adjustable mortgage from HSBC is still in the 2% range – pretty low for such a big loan amount. When a foreigner is looking to mortgage apartments in non-warrantable complexes (non-warrantable means they don’t meet Fannie Mae’s financing guidelines,) HSBC can require up to 50% of the mortgage up front to be careful. Still, foreign buyers go for it, as they are expecting to pay all of it up front, and are pleasantly surprised by the possibility of a foreigner’s loan when they get to the U.S.
Residential property in New York City is rising in value, being now the eighth most expensive city to live in on the planet. New York follows Monaco, Hong Kong, London, Geneva, Paris, Singapore, and Moscow. High quality housing in NYC is becoming more common. This gives foreign borrowers an edge, as they can buy a larger, nicer property that has a good chance of getting a higher rate of return in years coming up.