Taking a mortgage in the country is a very commercial transaction and operates more on the fixed rate model than variable one. This typically gets worked out with an underwriter and is ideally a straight cut financial operation in the country. Yet, you can choose the brokerage way but the whole process is through several lenders. Owning a property is quite a wise investment for anyone living in the country and for non-residents and expats. Indeed, having a green card or a valid visa is your perfect boarding pass to apply for a mortgage in the country, yet the terms and conditions could vary from state to state and the lenders’ modus operandi. No matter how you plan to take a mortgage, reach out to as many banks and may be a few authentic brokers for cracking the best deal.

Eventually taking a mortgage drills down to affordability and credibility in terms of debt to income ratio. Also your credit history report matters a lot while applying for one and that is just not limited to the US but is applicable in an international level. Essentially, you must manage your mortgage loan in the most efficient and diligent way by paying back in time with the interest to avoid any matters of foreclosure. Also note, apart from banks, you could reach out to credit unions, opt for few selected pension funds and some government agencies for taking a mortgage. Also you have the flexibility to choose the interest rate model including fixed rate, adjustable, and term, which can range anywhere from 5 to 30 years.

To start with, you must try your best to pay a good amount in the form of a down payment to reduce the monthly mortgage payment, which includes the principal, interest, and taxes levied. You may also have to pay an insurance amount in case you own less than 20% of equity in the home. You need to understand that taking a mortgage in the country depends largely on the property type, location, and state laws. Also keep a track of your existing liabilities and ensure that you have no track records of default credit card payments and loans issues. Ideally, you must complete all your paperwork before the lender does the background and credibility check. When you decide to take the mortgage, it is important to finalize whether you want a fixed or a variable interest rate. In current times, finding a mortgage at a fixed rate is a little extra work, yet you are rest assured with a fixed rate during the tenure. To sort out the best bet, you can work it out with a mortgage broker to find the best fit product that suits your needs. Since getting a mortgage in the country is not much of a deal in terms of finding one, do not underestimate the importance of budget and the purchase price of the property. Almost all major banks in the country, inducing HSBC, Chase, Bank of America, Citibank, Wells Fargo, PNC, and Flagstar Bank.

In a nutshell, get a hold of your monthly income, monthly debt, monthly expenditures and savings, plan your mortgage budget, understand how much you can save for down payment, current mortgage rates, how to apply and where to apply and figure out the best mortgage lenders in the market before applying for one.