How to get a mortgage loan for vacation property purchase
Having spent one's holiday in some picturesque resorts or unique places, like Kalispell, with untamed and unspoilt nature, many people immediately start thinking about buying a property there.
However, it is understood that all depends on what country you plan to purchase a house in. The total in each country is the fact that to buy a property using private home loan, you can, basically, only in new buildings.
In countries such as Spain, Morocco and Cyprus to issue the private home loan is simple. Suffice it to present a passport and proof of all available income. In addition, be sure to need to open an account at one of the banks in these countries. According to many experts in the field of foreign real estate, namely Morocco is one of the most promising countries for investment in real estate. In the coming years is expected to increase the number of tourists to this country.
Pretty easy to get a private home loan is in the United Arab Emirates. To obtain it you will also need to present a passport, open an account and confirm the income. The total amount of income must be at least 10 thousand dollars a month. The term of a mortgage in this country for all foreigners does not exceed 12 years.
It's more complicated with a mortgage in France and England. Here the most important thing that the buyer resided or worked for some time in these countries.
A very popular market of foreign real estate is China. To buy a property at a mortgage is quite easy. A special requirement to receive Chinese law does not impose. Experts say that the real estate market in China in the coming years will only grow. Now there property acquired will be profitable up to 60% per annum.
The most difficult countries for the purchase of real estate mortgages are Switzerland and Italy. In these countries you will not give credit if you do not have a residence permit.
The process of a mortgage loan in all countries is almost the same: you contact the office of the construction company that carries out the construction, and conclude a contract with them. While the personal presence of the purchaser is not necessary, just come when the construction will be finished.
As a rule, to foreign citizens banks grant from 50 to 80% of the required amount, so buying foreign real estate mortgage, you should have on hand the bag of at least 30% of its value.
Purchasing a property abroad, you can get a good income in the future. In addition, you can move to a favorite country for permanent residence...
Jamie Martinez, the director of the department of mortgage programs, advise to consider second mortgages in Toronto for vacation property purchase.
Click here and get acquainted with the best places to live in Kalispell.