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Archive for the ‘Coastal Property’ Category

A big chunk of investors from progressive countries are now beginning to invest in real estate property overseas. In the United Kingdom alone, an estimated 275,000 of its citizens are property owners overseas and experts predict a continuing increase in this statistics. In opting to finance properties abroad, it is essential that you understand the key elements as to how you will pay and whether you are making the right investment.

Some of the most known countries that experience an influx of property investors include Spain and France but as the market and investors mature, a lot of them are now looking into exotic islands such as Cyprus or the Cayman Islands. Learning about the certain facilities that can equip you in owning your dream holiday homes or getting your luxurious beach front house is very important.

Acquiring a mortgage for your overseas property has its own gains and setbacks. As with any other mortgage financing, keeping up with the monthly payments are especially crucial. As you are making a huge investment into getting your beach villa or holiday home, it is important to carefully analyze and weigh your capabilities in paying off your mortgage. Knowing the fundamentals in acquiring a mortgage financing loan is pertinent.

The first and most important step is to determine how much you can borrow and whether you have the capacity to place this loan. Online mortgage calculators are essential and easy tools for you to have a rough idea of what to expect. Your financial capabilities will set the bar as to the size of your loan able amount. You will be asked to submit personal documents to justify your ability to acquire and pay off your loan. Since you are planning to purchase properties outside of your native country, you also need to seek the help of local banks, realtors as well as lawyers to ensure that every detail is put in proper order.

In purchasing overseas property, make sure that you will be given complete ownership of the title and the property upon payment completion and see to it that all the necessary documents are properly rescinded. If you are buying a new property, confirm the exact date of its registration under your name. Take into consideration all other incidental costs that may be incurred in acquiring your mortgage loan. As you are dealing with a different country, they may charge additional fees for foreign ownership of their properties.

Investing in a foreign country may be a good way to go especially in these uncertain times, just be sure to take the necessary precautions before jumping on this growing trend.

There are wonderful opportunities to buy coastal property in other countries like Canada and Europe. In fact, some of the best coastal property in North America is categorized as Sault Ste Marie real estate on the shores of the Great Lakes in Canada.

photo credit: TheMarque

This coastal area is very picturesque, and in many locations is still virtually untouched wilderness.This may not be your cup of tea, but if it is then you can find property that’s even nicer than some of the best beaches in California. Of course, you only have 3 months of summer to enjoy it, but that’s another discussion.

The property prices in this area of the world are dramatically lower than many places in the United States, yet property laws and cultures are very similar. For example, a piece of beachfront property worth $2 or $3 million dollars in California only costs approximately $300,000 in the Great Lakes region of North America.

Most property in Canada and other countries is handled by real estate agents much like the United States. There is a multiple listing service in Canada, and you can also deal directly with the owner if they choose to sell direct.

Mortgage financing is provided by one of 5 or 6 national banks. There tends to be a little less competition for rates and features, but the stability of the national banks in Canada is renowned. They are backed by the Bank of Canada, and their terms and facilities are very similar to most US banks.

If you want to a mortgage renewal in Canada the process is usually very similar to the United States. Five and ten  year balloons are common, as are 15 and 25 year amortization periods. What isn’t very common are the highly speculative mortgage instruments. In general, you will need a 25% downpayment, especially if you’re a foreign investor.

If you’re adventurous and like to explore new places, then with a little work and help from experienced professionals you can own a valuable piece of coastal real estate in a foreign country.

So we’ve been talking about whether Portland is a good place to take out a home mortgage?  Now I want to talk about how you decide whether to buy or rent when moving to a new city. Its all about timing -not so much what the real estate market is doing – but what are you doing!

How long do you plan to stay in Portland? If you are taking out a mortgage for only a few years and then selling when you move out of the  state – you are going to lose money. That’s because buying and selling in a short space of time (and anything under 10 years is short in real estate terms) – means that you are risking the market falling short term. But you are also paying buying and selling fees within a few years.

And there will be bank fees for breaking your home mortgage so soon. Most Portland home lenders will charge you break fees if you pay off a  mortgage within the first few years. If you borrow more than 80% of the loan or your credit record is less than perfect credit history – means that you will pay even more

So if you are not sure that you will stay in Portland – or you know that the job transfer is possibly temporary – then you may want to consider renting for a while once you arrive in Oregon. Renting is a good way to get to know a city too – you can look around and really get the feel of the city and decide exactly what neighborhood you want to live in.

photo credit: Corey Templeton

Portland, Oregon is a vibrant city and the capital of the state. Located on the sometimes wild Pacific coast with the CBD cut by the pretty Willamette River, Portland enjoys a pleasant climate with mild winters and sunny summers, great urban infrastructure and strong employment and economic growth. The question is though would a Portland home mortgage be a good idea?

Would You takea out a home mortgage in Portland?

Portland in fact is a very livable city and has a big reputation for its microbreweries, good coffee and excellent local light rail public transit system.

If your want to buy property in Portland then you should pay attention to planned transit routs – any city with good public transit sees property prices rise along the corridors supported by those transit options.

Portland also has a strong network of cycle paths and a good climate for cycling. So people will favour properties which are close to schools and local shops, even business parks – so they can do their daily commute by bike.

If  you decide that you want to buy a home in Portland then check out the local brokers and  find out what you can afford and what type of property the mortgage lenders will lend against. Portland has a relatively good economy – but like all of the US it has still come thru some hard times in the last few years. So make sure you can afford it before you sign on the dotted line of your new Portland mortgage.

Unless you have been living in the wilderness for the pasty three or four years, you are perfectly aware that there was a bit of a housing crunch lately. While this meant many hard working families lost their homes, the up side is that it has created a unique opportunity for would be home buyers. Right now is probably the best time to take advantage of getting a low cost Portland home mortgage.

Portland, Oregon

photo credit: poetas

It is true, right now, many people who work as a Portland mortgage lender are able to sell homes for very low prices. We are not talking about bad homes that look like they are about to fall apart. These are good homes that are in excellent condition. Now instead of spending three hundred thousand dollars on a home, it is very common for people who work with a dependable Portland mortgage company to purchase homes for half that price.

While right now is a great time to buy, you do not want to make the mistake of waiting to long before getting a low cost Portland mortgage loan. It won’t be much longer before prices in the Portland area start to rise and you may find yourself once again priced out of a market. If you feel you can not afford a home, you may want to look into several programs that are currently available. These programs are designed to help people get first time home loans. While credit restrictions are indeed a little tougher, in some ways, it is easier than ever to get into a home.

If you have been thinking about buying a home in Oregon or Portland, make sure to contact someone who can help you soon. If you do not, you may wind up regretting that decision, because it is unlikely this kind of opportunity will happen again any time in the future. Portland home mortgages have never been cheaper.