View Full Version : mortgage
bethany0818
08-05-2005, 18:16
Is it possible to get a mortgage in Florida, how long does it take to build up a credit rating, and is it possible to get a mortgage in England for a property in Florida.
If you put down a 30% deposit, you don't have to prove your income for a Florida mortgage.
It takes about a year or two years or so to get a US credit rating.
You can re-mortgage a house in the UK to purchase a Florida property outright but you'll lose the UK property if you don't keep up the payments on the mortgage.
Most people applying for US visas sell their UK property to raise the equity for a US home purchase and then take out a US mortgage if this isn't enough for an outright purchase. You will not get US resident rates for a mortgage until you have a proper credit rating so will pay 'alien' mortgage rates which are around 1 - 2% more than the US resident rates.
steph_goodrum
08-05-2005, 19:55
The other thing is for some reason having a mortgage doesn't build up your credit rating.
I can't quite fathom how a credit card counts but many owners have found when they go to US that even though they may have held and paid regularly mortgages (and associated utilities) in US for several years they still don't have a credit rating and have to put large deposits down for even thing like mobile phones etc.
There is no magic about a credit rating .. It does not start until you have a Social Security Number.. without that you never will have one ... Non resident house owners will not get one .
heathercobbett
15-05-2005, 16:14
Ray, we were allotted ss numbers 6 years ago.I have never used them,but we have them.Maybe it was a mistake?
We remortgaged our house with a British company last year and apart from the hassle of doing the paperwork,it has been fine
<blockquote id="quote" class="ffs">quote:Originally posted by bethany0818
Is it possible to get a mortgage in Florida, how long does it take to build up a credit rating, and is it possible to get a mortgage in England for a property in Florida.
[/quote]
if the link is ok. best4let.com -does a flori loan. the rate is somewhat loaded. cheapest money but with added risk is a remortgage of your own home, for 'diy' or 'extension' if you know what i mean[msnwink]
there will be others just do a google search or whatever
Crumbs, Trev, that's a high interest rate for Florida! It's far cheaper to get one in Florida I would think?
flyrr100
15-05-2005, 23:43
As soon as you have a SSN get a credit card. Get a debit card. Get a few store cards. You really don't have to use them, just have them.
You should have at least a checking account at your local US bank. A year should get you a good credit rating.
bethany0818
16-05-2005, 00:50
How long does it take to get a SSN number. We have just put out house on the market and we were wondering if we were doing things in the correct order. Sell our home, find a buisness and then apply for E2. It seems scary to sell your home and not even know what business you will buy or if you will get visa's. Are these the right steps too take.............
You dont get a social security number until you first enter the US as a visa holder, not a B visa but residents visas, E, l, H, F etc etc. When you enter the first time after your visa is stamped, you are put into the computer, it takes a while to work into the system, you go to the social sscurity office a couple of weeks later and they should be able to give you a number. When we entered on E2, some dumbo on immigration typed me as E2 and mistyped hubbie as B2 which is a tourist visa. I got a SS number and he didnt, took weeks to sort out.
Heather, unless you have lived in the US permanently as a visa holder, it isnt a social security number you have but an international tax payer no.
<blockquote id="quote" class="ffs">quote:Originally posted by esprit
Heather, unless you have lived in the US permanently as a visa holder, it isnt a social security number you have but an international tax payer no.[/quote]I have heard of a few other people who have SSNs from some while ago and it does seem that some were issued at one point. Of course, this is no longer but, as far as I'm aware, the numbers are still valid?
Yup that is correct some may well have SSN issued some years back
I though it was further back than 6 years.. but maybe ...and the numbers are valid ..your SSN is yours for life...
But as Julie says a lot have an Individual Taxpayer Identification Number (ITIN)
Neatfeat
16-05-2005, 16:40
Hi
We were told that if we had a UK American Express that if/when we go to live in Florida that American Express will happily transfer it over to an USA American Express and thus give us a start on the credit rating ladder.
This is what we have done, in anticipation of moving.
Anita
Sorry!! it will give you good standing with American Express and nothing else...
<blockquote id="quote" class="ffs">quote:Originally posted by blott
Crumbs, Trev, that's a high interest rate for Florida! It's far cheaper to get one in Florida I would think?
[/quote]
yes it is a bit blotty isnt it. we are stil 20 months to 2 years from needing one so will be interesting to see how things go. we plan to get one out there though
It's fairly easy to get a mortgage, we didn't put %30 down so they did all the checks, We got it even though in the meantime I'd lost my job ( found another one )
I bought my first house in 1997 and was given an ITIN and not a social security number so if they were giving them out, it is further back than 8 years.
Florida3883
17-05-2005, 12:18
I'm due to close on our house in late July. I still haven't made my mind up as to take a $ mortgage or £ mortgage. Please, any of our experts out their, please comment on $ v £
<blockquote id="quote" class="ffs">quote:Originally posted by Florida3883
I'm due to close on our house in late July. I still haven't made my mind up as to take a $ mortgage or £ mortgage. Please, any of our experts out their, please comment on $ v £[/quote]Unless this is for living in Florida (in which case you'd probably need a US$ mortgage as you won't be able to make the payments in the UK if you're not here) you need to post in the Owners' area of the forum.
Florida3883
18-05-2005, 01:52
Blott, I'm a little lost on this one as there are so many threads. Where in the Owners area?
<blockquote id="quote" class="ffs">quote:Originally posted by Florida3883
Blott, I'm a little lost on this one as there are so many threads. Where in the Owners area?
[/quote]No problem!
As you're an OV advertiser, it's the area with bright orange stripe about two thirds of the way down the forums with the heading of Villa Advertisers' Area or try this link http://www.orlando-guide.info/forums/forum_21.asp