Mortgage in USA

The average price of a small Russian apartments varies between 2-4 million rubles, and when it comes to real estate capital, this figure increases by several times. This significantly exceeds the cost of housing in the US, where the 4-5 bedroom house in most states bought for 60-150 thousand. Dollars. The Americans, as well as Russian, are not able to immediately pay the bills, so 90% of the make out a mortgage for a period of 5 to 30 years.

The average cost of a mortgage loan in the US is, depending on many conditions, 3.5-7% per annum. If the loan decides to issue a resident of another country, such as Russia, because there is a risk rate can be increased by 1-2%. It is worth noting that in this country there are two types of rates: floating (can be changed every few years) and fixed (established for the duration of payments). Loans at floating rates are cheaper, but riskier than fixed. The average size of occupied resources is 100 thousand. Dollars.

In America, there is an initial payment for the purchase of real estate, which is usually equal to 30-50% of its price. In some cases, without the first payment is possible to do, but it usually increases the cost of credit.

For registration of mortgages need the following documents:

passport (or identity card / driving license);

income statement;

credit history;

one or more letters of recommendation from the bank, which is supported by at least a two-year co-operation;

extract from the account of finding in it the amount which will be sufficient for the product's annual payment on the loan;

a copy of the contract of sale of real estate.

This list is not fixed, because each mortgage loan is issued individually. All documents must be translated into English. Application for the receipt of money is seen up to 30 days.

Also, the Russian buyer of US housing will have to spend on his assessment (to $ 500), the processing of the documents submitted to the bank ($ 400) and property insurance (2.1% of its value). Optional but important procedure may be check the status of the house. In the 250-500 dollars will be made monitoring facility that will reveal all the defects of housing. Acquiring a mortgage, it is necessary to return to the bank 700 to $ 1,000 per month. Do not forget about utilities - it is a few hundred dollars.

Mortgage at any time to refinance on more favorable loan with a lower interest rate.

Making a decision about buying real estate United States, should take into account the remoteness of the country from Russia. Getting a visa, flights and other formalities can cost several thousand dollars. This purchase is justified only for the purpose of migration or long-term lease of the acquired property.

Council Sravni.ru: Some American banks are represented in Russia. These offices will be easier to get a loan for the purchase of foreign real estate, than to make out a deal directly with the United States.