The procedure for purchasing real estate in the USA gives a foreigner the freedom of choice: to buy the property with their own money or to take out a mortgage. For the latter option, American banks have a special product – a mortgage for foreigners.
Each organization sets its own rules. Most often, the conditions are as follows:
- The minimum loan amount is $ 100 thousand.
- The minimum down payment depends on the property – on average 30%.
- Interest rate – from 5% per annum.
- Loan term – up to 30 years.
Signing a contract
After discussing the terms of the transaction, the purchase and registration of real estate in the USA is marked by the signing of a contract. It specifies all the details, including the deposit, the amount and terms of sale, the terms of the appraisal and inspection of the property, as well as the date of the transaction.
Making a deposit
The deposit acts as a guarantee of the fulfillment of obligations by the buyer. The agreed amount is transferred to the account of an independent company (escro). The deposit is also taken into account during the final payment. On average, the minimum deposit amount is 3.5% of the property price.