We can help you get mortgage even with no US credit history
Buying a home in the U.S. without a U.S. credit score can be quite easy, as long as you are prepared to approach multiple lenders, be repeatedly denied, and then (when you do find one willing to lend you money), pay interest rates nearly twice as high as the mainstream market, and put substantial down payments into the transaction.
Getting mortgage financing at the the kind of rates that reflect your true credit worthiness is a different matter altogether.
Finding lenders and working through the loan pre-approval and underwriting processes can be endlessly time consuming, and may be daunting if you are unfamiliar with the home buying process in the United States. We can help you through that process.
Talk to us about how our Personal International Credit Report (PiCR™) can help you get access to competitively priced mortgage funding from a range of lenders.
There are four items you are paying for within a mortgage payment, commonly abbreviated as PITI:
- Principal. This is the amount applied to the loan (pays down the balance due).
- Interest. This is the cost of borrowing money, charged by percentage. These rates fluctuate, but average interest rates for mortgage are below in this graph.
- Taxes. Property taxes vary by county/zip code in the United States. Places like Dallas, TX may have high property taxes because there is no state income tax. Usually this payment is made annually to the city where you live, but is collected by the bank on a monthly basis to ensure funds are available when the time comes for annual city taxes to be collected.
- Insurance. There are two kinds of insurance for your home. One is homeowner’s insurance that will help you replace your home if anything should happen. Factors like the age of the home and where it’s located can affect these rates. PMI is Personal Mortgage Insurance which banks may require depending on the type of mortgage offered. In most cases this will only apply to those with down payments of less than 20% of the purchase price
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