Why it is hard to get Mortgage as an Expat
If you inquire or research for Expat mortgages, you probably come across some disheartening facts: Expat mortgages are difficult to get, Expat mortgages are Expensive, Only some people can avail Expat mortgages, Hard to approach, Only few offers it, It’s risky, It’s a headache, and many more.
If your primary income is earned overseas, and you lived abroad for a relatively long time then you credit history might not be traceable for lender. then this create problems for lenders on multiple levels. Things like sustainability of your income, difficult Credit Rating analysis, Hard to ascertain Future exchange rates with daily fluctuation, to analyse credibility of your employer and if they are abroad based, Risk of fraud.
As the banks were not equipped to do Foreign Credit Analysis, Low-Risk management, minimal international presence. So far, some of these were true because when an individual applies for expat mortgage he must be having International bank account, Foregin Credit points, capability to bare high interest rates, ready to fly abroad for long procedure and paper work, Risk management techniques, Currency exchange formalities, jurisdiction knowledge.
So now this leads that only few eligible individuals can apply for Expat Mortgages, and then also high Interest rates and huge downpayment of 30%-50% are levied on them by lenders to manage risk.
But now things have changed, now the market has shifted all over the world and now systems have changed drastically, to easily avail mortgages for Expats also.
Now with globalization Banks are having presence over multiple geographies all over the world and it leads to minimizing mortgage process with global Credit Rating standards, Hedging Future Currency risk management and lower interest rates.
We understand your needs and XB Fin Corp can help you to find best mortgages deals for expats globally.