Tag: purchase or refinance U.S. Real Estate

What is an ‘Adjustable-Rate Mortgage (ARM),’ and how is it used?

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An adjustable-rate mortgage (ARM) refers to a mortgage with variable interest rates, which change regularly after an initial period. It fluctuates with the market interest rates, offering either a financial gain or loss to the borrowers. This is in direct contrast with the fixed-rate mortgage rules that impose a fixed interest rate for the entire repayment period.

Each ARM loan has an introductory period from 3 to 10 years where the interest rate stays lower than that of any fixed-rate mortgage. It’s possible to save a lump sum of money if you can settle the loan within that primary window.

After the initial fixed-rate period, an ARM’s interest rate will depend on the current market rates, meaning the rates can rise or fall over the mortgage’s remaining course. The lender will revise the rate at regular intervals, possibly once a year, and adjust it to the current market rate until the end of the term. To avoid paying extra money in rising interest, you can either sell the house or refinance the loan.

America Mortgages offers standard 5 and 7-year adjustable-rate mortgages (ARM) that you can qualify easily without going through much paperwork. You can also refinance if your home’s market price is at least $150,000 or pull out cash of the home equity.

An ARM might be the right choice if you can pay the loan off during the initial cap or don’t plan to live in the same house for your entire life. Ask the lender about the loan’s margin, the factors related to rate changes, and the intervals of rate changes to see if you can afford the calculated monthly installments.

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Qualify For A Foreign National U.S. Mortgage Loan

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USA mortgage for NON-U.S. citizens, foreign nationals investing in US real estate.

It is now easier to qualify for a U.S. mortgage loan to purchase or refinance U.S. Real Estate even if you are NOT a U.S. citizen or have a valid U.S. Visa.
Although we LOVE the Power Of YES! We really like to see these “No” requirements even more!!

Here are the “NOs” (the good type of “no”)

  • – No income verification
  • – No age restrictions. The buyer can be 70 + years old and eligible for 30 years mortgage term
  • – No U.S. credit is required
  • – No USA visa or residency is required
  • – No reserves required
  • – No Life insurance is not required
  • – No pre-payment or redemption penalty
  • – No tax returns are required

30% down payment foreign national mortgage program enables foreign nationals, Non-U.S. residents, or employment transferees to place a minimum 30% down payment and finance up to 70% of the property value with no income verification. Most of the lenders still require a 50% down payment to obtain a foreign national mortgage loan, but we can arrange financing with as little as 30% down with no income verification and rates in the low 6s to mid 7s (11/01/18). The borrower must have verifiable funds for the down payment, closing cost, but no payment reserves are required.

Not only is there no pre-payment penalty, meaning you can pay down or off the loan at any time, America Mortgages SatedSelectFN 70% LTV mortgage for foreigners does not require Private Mortgage Insurance (PMI) either, so there is no extra cost.
We also offer rate and term foreign national mortgage refinancing with no limit to cash-out option.

This foreign national refinance mortgage is available as a fixed and or adjustable-rate mortgage. Adjustable-rate is 3/1, 5/1, 7/1 term for 15 or 30 years fully amortized loan. Fixed rates are offered for the 10, 15, or 30 years fully amortized loan.

Here are some of the Loan Program features:

  • – Minimum 30% down payment
  • – Starting 6.00% Interest rate (right now – 11/01/18)
  • – The term: 30 years, 20, and 15 years fixed
  • – Loan amounts up to US$5,000,000
  • – Par rate only
  • – No pre-payment penalty
  • – International Credit History Report required in some cases
  • – 1 to 4 unit residential property eligible
  • – 72 hours for underwriting
  • – Closing on average 30-45 day

Here are the requirements for our Foreign National loan program:

  • – Copy of executed purchase agreement (purchase only)
  • – Copy of passport
  • – Credit References (Credit card, Mortgage, Car lease) or International credit report
  • – Last 2 months bank statements showing enough funds for a minimum of 30% down payment plus closing cost

We are able to assist with Credit reference or International credit report if needed. Contact us at hello@staging-americamortgages.aljuncapapas.com for more information.

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