Why international homebuyers need specialized mortgage brokers in today's housing market
October 13, 2021 • 2 min read
The current housing market is more competitive than ever before. Those looking for a new home or an investment opportunity have to be prepared, and they need to have solid financing behind them before they even make a move to look. It’s a fast moving market, and a well-versed mortgage broker is one of the best assets a home buyer can bring to the table.
The current surge in home purchases is coupled with a dynamic uptick in refinances. Rates continue to fluctuate, but they remain at historic lows that are creating a tipping point to action for consumers.
Finding a Specialized Partner
Recent statistics show that only about 20 percent of consumers work with a mortgage broker, but fintech solutions from a variety of traditional mortgage companies continue to skew these numbers. Many mortgage companies and banks, however, do not have the structure to easily handle out-of-the-box solutions for those that are self employed, or non-U.S. citizens that are in need of non-traditional loan options.
Mortgage loans for international clients require an enhanced level of service. Milo is the mortgage company in the U.S that is expert in writing loans for foreign nationals. Our team members offer expert level, white glove treatment that allows you to walk through the transaction as an authority.
We know you serve a wide variety of clients and the Milo independent mortgage broker channel gives you to access a mortgage for non-U.S. citizen clients without the hassle of debilitating paperwork requirements and long closing periods. Our complete fintech solutions are written for international clients and provide all of the benefits of a larger online bank, but with added access to an expert who understands foreign clientele’s needs.
As a broker, a partnership with Milo allows you to provide the resources your clients need. It’s that simple.
Foreign Client Purchasing Power
International or foreign clients are often lumped into two categories, non-resident foreigners with permanent residences outside of the United States, and resident foreigners who are non-U.S. citizens who recently immigrated, or hold a visa and reside for more than six months out of the year within the U.S.
From April 2020 to March 2021 foreign clientele purchased $54.4 billion within the real estate market. Focused primarily on California, Arizona, Texas, Florida, and New York, these buyers have the money to spend, but their real estate transactions can be trickier because they lack the background paperwork and tax information that larger banks and mortgage companies require. Independent mortgage broker channels with Milo give you access to experts in international lending, allowing you to close real estate transactions quickly with interest rates as low as 3 percent for your clients.
The American housing market continues to be a wonderful investment opportunity. While other areas of the U.S. economy struggled with COVID-19, the housing market entered a period of the best housing demographic ever recorded in history. If you are ready to meet your buyers where they are and provide outstanding mortgage loan options for international clients, contact Milo.
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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