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Started By
Message
Out of Country Bank for Home Mortgage?
Posted on 8/21/23 at 12:34 pm
Posted on 8/21/23 at 12:34 pm
Had a random thought today about interest rates in other countries so I decided to look it up. A quick google search shows other places in the world have lower mortgage rates than the US. See below.
The question is, has anyone heard of or has obtained a loan form a foreign bank for a local property to take advantage of a lower rate? Idk if it has ever happened but if so, That could be a game changer.
The question is, has anyone heard of or has obtained a loan form a foreign bank for a local property to take advantage of a lower rate? Idk if it has ever happened but if so, That could be a game changer.
quote:
Mortgage interest rates in selected countries worldwide as of March 2023, by country
Search:
Records:
13
Characteristic Date March 2023
(in percentage)
Finland December 2,022 1.97
Euro area March 2,023 2.09
Portugal December 2,022 2.15
Netherlands March 2,023 2.4
Luxembourg March 2,023 2.42
Belgium March 2,023 2.43
France March 2,023 2.54
Italy March 2,023 2.66
Spain March 2,023 2.7
Czechia March 2,023 2.81
Bulgaria March 2,023 2.82
Sweden March 2,023 3.02
Switzerland March 2,023 3.11
3
Posted on 8/21/23 at 1:20 pm to Elusiveporpi
I had this thought as well a couple weeks back. The issue, as I understand it, is that these banks have no legal recourse to collect if you dont pay your mortgage and likely wont lend to you.
And if they have a domestic branch in your home country, they would just offer mortgages at that country’s interest rate.
BUT! Foreigners can take out loans in their home country (like the chinese) and buy a house here in the US with a much lower interest rate.
And if they have a domestic branch in your home country, they would just offer mortgages at that country’s interest rate.
BUT! Foreigners can take out loans in their home country (like the chinese) and buy a house here in the US with a much lower interest rate.
This post was edited on 8/21/23 at 1:26 pm
Posted on 8/21/23 at 1:34 pm to The Baker
The collective minds of TD need to make this a business model.
Posted on 8/21/23 at 3:19 pm to tigerclaw10
quote:
The collective minds of TD need to make this a business model
If you can pocket 1% of each transaction..... That would be a nice lil business venture.
Posted on 8/21/23 at 3:54 pm to Elusiveporpi
Are they the same term as here? I have a coworker from Canada and they do 25 yr mortgages, but have to refinance every 5 years. frick that.
Posted on 8/21/23 at 6:27 pm to Elusiveporpi
All adjustable IO loans
They do not sucker their ppl with a 30yr ammortized loan
They do not sucker their ppl with a 30yr ammortized loan
Posted on 8/21/23 at 7:58 pm to LSUSUPERSTAR
quote:
Are they the same term as here?
Very few countries outside of the U.S. have 15/30 yr fixed rate mortgages.
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