If you're thinking of making a move from your home to a new city in a foreign country, then there's a lot you need to prepare yourself for beforehand. You can't just decide on a whim you want to live in Italy or France or South Africa or start up a business in a new country. It's not like you can just call up your Realtor and ask them to show you a few houses. It doesn't work like that. There's a lot of research and preparation that goes into moving to a new country, be it for personal or business reasons. You have to familiarize yourself with the language, the culture, and the currency, just to name a few.
One thing that you need to prepare yourself for and have knowledge in is applying for an overseas mortgage. If you have any experience from dealing with local mortgages with your sales agent, you'll know that they're not the easiest things in the world to understand. There are a variety of mortgages to choose from and they all depend on the type of property you want a mortgage to cover and, most importantly, your financial situation. That's why we've written this article. To help you prepare you when it comes to an overseas mortgage application.
Moving to an international city is hard enough. We've already mentioned some of the things you need to acclimate yourself to once your real estate transaction has been finalized. Overseas mortgages can be tricky if you go in to the process cold turkey. What you need to figure out first is how you will be paying for your new overseas property. If you plan on using assets from your home country as security, you should be fine. Most likely than not, you're going to have to make some sort of financial arrangement with a bank in the country you are buying your new residential or commercial property in.
Once you figure that out, you can start looking at types of mortgages that best suit you. Depending on the country you are going to be moving to, some mortgage options you have include buy-to-let, self-certification, interest only, 100% lending and credit. Not all countries provide such options, though. Which is why you should try to be in contact with a financial institution in the country you are moving to and see what mortgage options they provide you with.
Also, be prepared to go through a lengthy screening process. These financial institutions don't just give their money to anyone. They need to know everything there is to know about you and your finances. So make sure you have all the required documents ready. Good luck with your home sale and big international move!
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