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Is there a bank in the US that will give loans for foreign real estate? |
I reside in the US and have a property overseas that I want to refinance. The current mortgage is with a bank in that country. I would like to refinance with a US bank, as interest rates are lower here. Is there a bank in the US that will lend for overseas properties? I sincerely doubt it. U.S. banks write mortgage loans on an industrial scale. Anything that requires special treatment is automatically excluded from run-of-the-mill mortgage operations. Even if you find such a bank (which I doubt), their interest rate will probably be close to the interest rates in the country where your property is located. Lender's risks depend on the property and its location. You might do better shopping for refinancing options in the country of your property's location. Depending on where in the world your property is, you might try to finance it with a European or a Japanese bank. You could also get a loan from a U.S. bank secured by property you own in the U.S. and use the proceeds to pay off your foreign mortgage... I dont know I seriously doubt it, but the only thing you can do is ask around at different banks. Make sure you know how much the property is worth. Sorry can't help you more. Depends on where the property is located, and what you offer for collateral. No one wants to lend money for property that is likely to be confiscated by a socialistic government, and it's illegal to lend money for real estate purchased in Cuba. I would be difficult to do this. If you already own property, and if you have enough equity in it, I would refinance the existing property to get the funds for the new home. That way your existing property is collateral for the loan, what you do with the money is up to you. |
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