Tips To Get Mortgage for Your Overseas Property Purchase
Your overseas property purchase doesn’t need to be stopped by financing. You can apply for a mortgage. However, getting mortgage for foreign property isn’t like getting a mortgage at home. This article considers some ways to tip the balance in your favor.
Why bank financing isn’t always available for overseas property
When it is available and comes with no string attached, bank financing is the best option to buy foreign real estate. But alas, it’s not usually available. In many markets, it’s hard to get loans as a foreign buyer. In Colombia for example, banks don’t care if you’re a legal resident, as long as you’re a foreign buyer, you’re not getting mortgage. It’s easy to see why this is so. A foreign buyer isn’t tied to the country; he can up and leave at any time, taking the bank’s money with him.