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If you are in the market to buy real estate abroad, chances are you won’t be able to secure a local mortgage to finance the property. Even in places where mortgage lending exists, the terms may be far less favorable than you would normally find at home. Depending on the country, you could pay a higher interest rate and a much larger down payment – 30%, 40% or even 50% of the property’s value. Also, you might be required to take out a life insurance policy for the amount of the mortgage, naming the bank as the beneficiary. Depending on the country – and how old you are – this could be a deal breaker since insurers in some countries place upper age limits on who can take out a life insurance policy.
Since mortgages generally aren’t available to U.S. buyers overseas – and most U.S. banks won’t lend for purchases abroad – what are some alternatives if you want to buy a home in a foreign country? Here, we take a look at three ways to finance your foreign real estate purchase...READ MORE
