How To Get A Mortgage If You’re Not A US Citizen
If you were born outside the US and want to become a homeowner, here’s what challenges to expect and how to overcome them. Citizenship is not necessary to purchase property nor is it necessary to qualify for a home loan. However, getting a loan if you aren’t a “traditional borrower” can prove to be difficult. Here are a few difficulties you may face when trying to find a mortgage loan as an non-citizen, and what to do.
What Is an Adjustable-Rate Mortgage?
Adjustable-rate mortgages have their own set of pros and cons. Learn what they are before you sign on the dotted line. Unlike a fixed-rate mortgage where the interest rate remains the same for the life of the loan, an adjustable-rate mortgage (ARM) has an interest rate that can increase or decrease several times during the mortgage term. ARM’s are riskier for the borrower, especially if interest rates take a significant uptick, but they are the right in many instances. Learn more about adjustable-rate mortgages and compare them to conventional fixed-rate mortgages before you start shopping for your dream home so that you go into the process with everything you need to know.