Question Details

Alex, Home Buyer in sf bay area

US home financed through international mortgage, cons?

Asked by Alex, sf bay area Thu Oct 25, 2007

i recently put an offer on my first home and will start shopping around for a loan. the other day i was browsing through one of the local home magazine and came across an interesting advertisement for borrowing internationally. the ad lists rates beating US rates. actually 4.25% fully indexed and not a negative amortization. no credit to qualify. i was thinking that this is too good to be true and there must be a catch to this. anyone know about this? what are the cons? advertisement was from specialty funding.

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Answers

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Your first thought was right on the money! Too good to be true!
There will be points, hidden costs and who know if you would ever get to the settlement table.
My suggestion would be to contact your local bank,credit union, or a nationally recognized mortgage company. They will work with you to get you the best loan.
Web Reference: http://www.northropteam.com
0 votes Thank Flag Link Thu Oct 25, 2007
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