Why did Milo Start with U.S. Home Loans?
November 13, 2020 • 3 min read
Home loans have come a long way. Interest rates are at all-time lows, people plan and save at an earlier age, and the dream of owning property in the United States is as alive as ever. Toward the end of 2019, the Federal Reserve indicated that more than 15 million people held outstanding mortgages in the United States. That’s a lot of mortgages!
However, despite the ubiquity and momentum, qualifying for a home loan can still be a challenging process for many consumers. And, often-times, certain groups of consumers may not be able to secure a home loan at all.
The total outstanding mortgage debt in the United States is over $10.3 trillion, according to the Board of Governors of the Federal Reserve System. However, this is only for US borrowers that can qualify for a government backed loan. What if you’re not a US citizen or have a social security number? What if you can’t travel to the US? Can you still get a mortgage in the US and buy the property that you are aiming for?
Well, you may be able to. But, you’ll have to jump through many hoops and your rate won’t be competitive. That’s because the US’s home lending programs don’t work for foreigners.
But wait. Is it really that difficult for global consumers to get financing for a home in the US? Actually, it is!
Unfortunately, non-traditional – but financially healthy – consumers, such as international buyers and self-employed individuals, struggle to secure home loans. Their options end up being:
- Accepting outrageous terms from banks or hard money lenders
- Paying in cash
- Giving up on their wish of US home ownership
For example, if you don’t have a social security number and two years of W2 income, it’s nearly impossible to find a lender and qualify for a fair home loan in the United States. One of your options may be to take a short-term hard money loan and borrow money at an extremely high interest rate – more than 12-20%. This can affect your monthly cash flow and requires you to pay off the full loan balance within a year or two.
Most international buyers don’t have a social security number, make their income in the US, or have US tax returns to qualify for a low interest government loan.
Consequently, Milo was created as a solution for these global consumers.
Milo’s digital banking platform helps global consumers secure US home loans quickly and efficiently. There’s no bank visit required – meaning you don’t have to travel to the US to secure your home loan – AND finally have access to competitive rates and quality mortgages.
(To read more about we are and how we got started, check out our previous blog entry.)
We don’t stop there. We also help international loan seekers refinance or cash-out their equity so they can better diversify their assets. It’s a win-win all around!
Milo specializes in helping international buyers and investors.
Although our product and process can work for anyone, we specialize in helping certain groups of buyers and investors that struggle to qualify for fair home loans. Listed below are some of the main groups of consumers we work with on a daily basis:
International consumers purchasing an investment property in the United States
Non-US consumers refinancing or cashing-out on an existing property in the United States
Global consumers refinancing a previous high-interest rate loan
Non-permanent United States residents working on temporary visas
Newly permanent United States residents, i.e., married to a United States Citizen
Entrepreneurs and self-employed consumers that can’t qualify for a traditional government loan
Milo makes it simple. Home loans don’t need to be complicated or take forever.
We know how valuable your time is, so we don’t waste it. With the speed of a private lender and the interest rate of a bank, we help you close quickly and efficiently.
Some of the pros of working with Milo to secure a home loan include:
- We’re a direct lender – since we lend our own capital, our clients will never jump through hoops or deal with middlemen.
- Everything is fully online – by building all of our technology we offer a modern approach to lending.
- Competitive interest rates for global consumers – you won’t be paying 10-15% interest anymore, 4-6% sounds so much better
- No social security number needed – our home lending solution is made for global consumers and investors like you
At Milo, our team has more than 65 years of experience in finance and banking and we are making this process better for you every day. We want you to finally have the home loan and interest rate you truly deserve.
Visit www.milocredit.com to learn more and start your application to see what you qualify for today.
The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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