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Thread: Us Mortgage Advice Please!!

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    Veteran Member babystripper's Avatar
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    Default Us Mortgage Advice Please!!

    Hey everyone

    Im from the UK. Here at the moment we are suffering terribly with increasing interest rates making it so bloody hard to get on the mortgage/property ladder. With one bedroom little squats going for like £170,000 (which is roughly $340,000!!!!!!!) I was amazed when I searched overseas property in the US, Orlando and found my dream home (and I mean dream, everything but a pool) for $200,000, which equals like £100,000! I want to buy it like right now. Good investment, and one day I wish to retire to the states for some pure chill out time enjoying the weather etc.

    So can anyone point me in the direction of or recommend a very good rate mortgage lender in the US?


    Thank You all!!

    x

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    Veteran Member babystripper's Avatar
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    Default Re: Us Mortgage Advice Please!!

    REALLY? the rates are going down? still! oh my goodness! aha this is getting me all warm and excited! the uk rates right now are absolutely sickening!!! totally!!! eeeek i want my house! lol.

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    Banned Melonie's Avatar
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    Default Re: Us Mortgage Advice Please!!

    to clarify likewow's comments, US mortgage interest rates are going UP not down ... and particularly so for would-be borrowers who present a higher lending risk. This applies to people who don't have regular weekly corporate paychecks coming in, people whose incomes can vary widely etc. like exotic dancers !

    Florida property values, however, are going DOWN. Certain states like Florida, California, Nevada etc. saw an outrageous increase in prices of real estate over the past few years much like London real estate, and for the same reasons ... speculators and easy credit.

    However, unlike London real estate, many of the properties in Florida, California, Nevada etc. are now being foreclosed on as the speculators and shaky homeowners who used adjustable rate mortgages and low down payments are finding themselves unable to handle the increasing monthly payments. They are also unable to refinance, since in many cases they originally borrowed 90+% of the property's market value at the time of purchase and since then local market values have dropped 10% (meaning that they now owe more money than their house is worth). Thus it's now 'cheaper' for them to simply hand the mortgage lender the keys to the property and walk away with a 'small' loss, rather than trying to hang onto the property for another year and have the property's market value drop even further.

    Scuttlebut is that where Florida is concerned, property values / prices will continue to drop for at least another year probably 2 years. I would definitely hold off awhile on buying any property in Florida, as it will probably be much cheaper to do so a year or two from now than it would be today.

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    Default Re: Us Mortgage Advice Please!!

    Quote Originally Posted by babystripper View Post
    Hey everyone

    Im from the UK. ... I was amazed when I searched overseas property in the US, Orlando and found my dream home (and I mean dream, everything but a pool) for $200,000, which equals like £100,000! I want to buy it like right now. Good investment, and one day I wish to retire to the states for some pure chill out time enjoying the weather etc.

    So can anyone point me in the direction of or recommend a very good rate mortgage lender in the US?
    Credit Unions are good so is BB&T which has locations in Orlando. [Fair disclosure, I own over 1000 shares of BB&T stock.] Over the long run, investing in Florida real estate has been very good. If, you can carry the mortgage along with your other living expenses, buying now with the favorable pound to dollar exchange rate is probably a good idea. Orlando real estate prices have retreated some from their highs and might retreat some more, but, the pound is very strong against the dollar.

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    Featured Member lunchbox's Avatar
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    Default Re: Us Mortgage Advice Please!!

    Quote Originally Posted by Zofia View Post
    [Fair disclosure, I own over 1000 shares of BB&T stock.]
    Interesting. I've been analyzing BBT as a potential short.

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    God/dess Zofia's Avatar
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    Default Re: Us Mortgage Advice Please!!

    Quote Originally Posted by lunchbox View Post
    Interesting. I've been analyzing BBT as a potential short.
    I do not discuss individual issues. I do disclose my holdings in the interest of fairness.

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