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The Best Plan of Attack in Obtaining a Mortgage in Europe When Living in the US

Posted by  on May 13, 2010
 
Many people are deciding to invest in real estate oversees; perhaps solely to make money off of, or even as a place to stay while on vacation. To help obtain a mortgage in Europe you can follow these steps to start you off on the right path to financial security while investing in a home abroad. Not much is different, but knowing what to expect can help a lot.

Talk to Someone that Knows about European Real Estate

The best thing to do when starting the process involves gathering information from somebody who has already undergone the trials and tribulations of purchasing property in Europe. This could be a friend or even a real estate manager who specializes in European homes. Talk with them about everything, including where they bought there property, how the process is different, and how they would change what they did if they were to undergo the same process again.

Talk to Someone that Knows European Laws

Next you must find a person that can help guide you through the legal process of buying property in the country of your choice. They will be able to guide you through different options, as well as show you around to various properties they think you might be interested in. International real estate dealers are good because they have years of experience handling your needs, while simultaneously being able to interact with American and European laws. These people should be multilingual in order to converse with the seller as well as yourself.

Think about Opening a Financial Account in Europe

Obtaining a mortgage in Europe can sometimes be tricky. Obtaining a mortgage is often a more difficult process and takes a longer time to be finalized. To make the process faster you can establish financial security in your country by opening a checking or savings account in the country you wish to purchase your loan from. This will show the company your financially stable and serious about the loan.

Also you can take out a personal loan or an additional mortgage to add funds to this account in hopes of putting that money toward the European home you plan to buy in the future. Seeing you have money in the bank helps.

Look into European Lenders

As oversees lending becomes more popular, you might find yourself looking into oversees lending agreements as more of an option. Keep you local lawyer on board to ensure the smooth process and to point out any flaws in the contract, but obtain a loan in Europe where it will be easier to obtain one. Often you will need to travel across sees to sign finalizing papers and prove you are who you say you are.

The best way method to purchase a property involves getting information, getting help from professionals, finally setting up a financial account in Europe and getting a European lender.

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