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Sara Faulkner, Other/Just Looking in Martinsville, NJ

My husband and I are thinking about moving over to the US from the UK .We need to find a mortgage broker who

Asked by Sara Faulkner, Martinsville, NJ Thu Aug 21, 2008

we could speak to about finding a mortgage in the US. My husband is American and I am British. Both of us have a long record of owning properties in the UK and holding mortgages, we are also both self employed. What concerns us is that our financial histories are base in the UK. What are the requirements for securing a mortgage loan in the US? Does anyone have any advice or experience with brokers who are used to dealing with more irregular customers. We are looking for a lot to build on and will be able to provide the majority of the money needed to fund it ourselves but extra will be needed. We are hoping to move to the eastern end of Long Island, NY.We are looking for somwhere from Montauk down towards Greenport area. Any advice would be most welcome. Thanks Sara

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One of the first questions any mortgage broker is going to ask you is do you have gainful employment in the US or if you are self-employed is it a business that is easily relocatable? The rest will all hinge on that answer.

While it is very commendable that you have most of the money necessary to purchase the lot and build the home, just remember - you can't eat sheetrock. In the US, the interest you pay on your mortgage is tax deductible. You might be wiser to finance as much as possible of your new home and then wisely invest the balance of your funds. Between the tax deductible interest and the wisely invested funds, you will generally come out ahead. And, in case of a rainy day or some sort of emergency you'll have those liquid funds to fall back on. I would recommend contacting a good financial planner. There are a number of good financial planners who are also mortgage brokers and can help you with the big picture.
0 votes Thank Flag Link Thu Aug 21, 2008
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