Buying a home in the United States is an important financial strategy for many new immigrants for overseas property ownership and global asset allocation. What should new immigrants pay attention to when buying a home in the U.S.? WorldWay will launch a series of the most detailed and comprehensive guides for new immigrants buying homes in the U.S. for the reference of our new immigrant friends.
Generally speaking, foreigners buying homes in the U.S. can use 2 methods: one is to pay in full, and the other is to purchase with a mortgage. In this issue, we will focus on the relevant processes and procedures for foreigners to purchase U.S. real estate with a mortgage.
1. Initial Meeting
a. Select a buyer's agent
b. Decide on the area and criteria for the property to be purchased
c. Select a mortgage company
2. Review Mortgage Qualifications
a. Select a mortgage broker and check credit score
b. Choose a suitable mortgage plan
c. Obtain a mortgage pre-approval letter
3. Find the Ideal Property
a. Check the latest listings through reliable U.S. real estate websites or real estate agents;;
b. Or ask an agent to select information on listed properties
4. Find a Suitable Property
a. Select the house you like, the agent will help with a CMA valuation, and the buyer decides the offer amount, the buyer decides the offer amount
b. The agent explains the purchase contract and helps to fill in and perfect the terms
c. When sending the contract, attach a deposit check (the general deposit is about 2-3% of the offer amount))
d. The seller can provide a counter-offer for items they do not agree with, and the buyer can choose to accept or make another counter-offer
5. Purchase Contract Agreed Upon by Both Parties
a. After both parties reach an agreement, a third-party escrow company will handle the transfer procedures
b. Submit the deposit to the escrow company
c. Sign official transfer documents and relevant property reports
6. Submit Mortgage Application
Submit the relevant documents or materials required by the mortgage company, generally including proof of down payment, proof of employment, and tax records
7. Completion of "Property Inspection Contingency Period"
a. During the inspection period, a professional inspector will verify the condition of the entire house, and the agent will assist in making requests for repairs of any defects
b. The buyer reviews and signs reports such as the "Seller Property Questionnaire," "Natural Hazard Disclosure," etc.
c.Prepare fire insurance quotes
8. Completion of "Loan Contingency Period"
a. The mortgage bank sends an appraiser to determine the value of the property
b. Complete all materials required by the mortgage bank, and the loan should be approved within the loan contingency period of the purchase contract
c. After the loan is approved, schedule a time with the escrow company to sign the loan documents
9. Complete Escrow Transfer Procedures
a. After signing the loan documents, prepare the down payment and various transaction fees, and submit them to the escrow company via cashier's check or wire transfer before the closing date
b. Bank releases the loan
c. The title company is responsible for transferring the title and completes the registration at the county recorder's office
d.The escrow company pays all expenses
10. Obtain Keys and Complete Transfer
a. Obtain the keys from the seller on the date specified in the purchase contract, which marks the completion of the handover
b. Contact utility companies such as water, electricity, and gas in advance to notify them to continue service
11.Obtain Property Deed
Usually, you will receive the final statement at the end, which includes a copy of the property deed. Within about 3-6 months after completion, you will receive the original property deed.
WorldWay U.S. immigration experts analyze that the U.S. economy is recovering strongly and has once again become the locomotive leading the world economy. With the U.S. dollar exchange rate about to enter a rapid upward channel, converting RMB assets into USD assets is undoubtedly a very good way of asset allocation. In 2015, U.S. investment immigration will face many complex situations such as scheduling, investment amount increases, and the expiration of the regional center act. At this time, the strong recovery of the U.S. economy highlights that the current stage can be called the golden application period for U.S. EB-5 investment immigration. For investors who intend to immigrate to the United States, choosing this period to apply for U.S. EB-5 investment immigration can not only actively respond to immigration scheduling and avoid uncertain factors such as investment amount increases and the expiration of the regional center act, but also enjoy the opportunity of overseas asset allocation.
WorldWay has launched two major projects that have been pre-approved by the U.S. Citizenship and Immigration Services: the New York Liberty Garden Luxury Apartment Project and the Pennsylvania Highway Project. The New York Liberty Garden Luxury Apartment Project has a high net asset guarantee of 14.5 times, and the developer, Lightstone Group, is one of the largest and most successful unlisted comprehensive real estate developers in the United States. The developer's founder provides a personal asset guarantee of 11.7 times. The Pennsylvania Highway Project is a 100% U.S. government EB-5 project, with loans from the state government and a commitment from the state government to repay. The first phase was sold out in just two months. Currently, the second phase of the Pennsylvania Highway Project has seen an even more enthusiastic buying situation than the first phase. Consultation hotline 400-138-2929
