International Mortgage Loans… The USA Is Way Behind
For those of us moving abroad who don’t have a huge amount of cash to spend on a house or apartment, the next idea is usually to look for a loan. Unfortunately, in Argentina, the banks have little interest in loaning to their own citizens, let alone foreign nationals. The only real choice for expatriates moving to Argentina is to get a loan from your home country.
If you go to Google and type in “international loan” or “international mortgage” you will come up with a ton of options for UK expatriates. You get whole lot of nothing for the US market. I don’t remember the exact figure, but I do recall there being something like 2-3 million Americans living abroad. I wonder then why no banks in the USA are willing to lend to expatriates to buy foreign properties? It seems the market is big enough. I’d be willing to accept a 10% interest rate abroad. I understand it would be a higher risk loan for the bank.
Still, you get nothing at all when it comes to foreign mortgage loans. Its really annoying, since it’ll limit me to renting until I can save up the funds to pay cash for a nice house or apartment. At least the low cost of living will help me with the saving part. If I was going to be living in the US and had pay 100% cash to buy a place, I’d probably be saving for 15 years. Maybe it’ll take 4-5 years of saving in Argentina.
If there’s a banker out there who wants to rake in the dough with a high interest loan, feel free to contact me. I wouldn’t think of ever paying 10% on a mortgage loan in the USA, but I will pay it to get a loan for a property in Argentina. I have perfect credit and I’ve never missed a payment in my life. I imagine many expatriates are in the same boat as I am – good credit, enough savings to make a very large down payment, but not enough cash to buy a place outright. Maybe someone out there knows someone who wants to make some money on expatriate loans. If so, please let me know so I can send them some business.