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Infohome
can assist you in obtaining a mortgage for your
China property purchase. |
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We
have helped thousands of clients obtain the best rates,
programs, and terms on their mortgage. We can now offer
mortgage for properties in China in addition to properties
in the United States.
Mortgages are readily available in China for all types
of properties. The process is very similar to the mortgage
process in the United States. Infohome
is able to arrange mortgage for you with all the leading
banks in China. In most cases, you are able to obtain
a loan for up to 70% of the purchase price for residential
properties and up to 60% for commercial properties including
office and retail.
The mortgage process in China starts with completing a
loan application and providing various documents. The
following is a list of documents needed for a mortgage
in China:
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Completed
Loan Application |
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6
Months of Bank Statements showing all sources of
income deposited into bank account |
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2
Years of Tax Returns |
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Copy
of Passport |
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U.S.
Credit Report |
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Title
Reports of all properties owned (Infohome will order) |
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Lease
Agreements for rental properties |
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The
underwriting process in China involves analyzing your
total debts and income. Your total monthly debts, including
mortgage payments on your property purchase in China,
must not exceed 50% of your monthly income.
Bank statements are the primary method for tracking income.
The
underwriters will look at your bank statements to match
monthly income and rental income deposits. The underwriters
are not as interested in your assets as they are with
the monthly income. There is no Stated Income programs
in China at the current time and all mortgages are considered
Full Documentation
or Full Income programs.
If you are married and will be purchasing the property
in your name only, you will also be required to show a
copy of your marriage license and obtain a signature from
your spouse on a form indicating that they agree to allow
you to purchase the property in your name only.
A recent U.S. credit report needs to be submitted in order
for the lender to analyze your monthly debts, including
minimum payments on credit cards, mortgage payments, car
loan payments, student loan payments, and any other monthly
debts as listed on your credit report. The underwriter
will also look for any outstanding collections which will
need to be paid prior to closing on your property.
Mortgages in China are typically adjustable based on the
Prime Rate. We offer loans based on US Dollar, Hong Kong
Dollar, or RMB. Rates vary among the three currencies
and the amortization period is typically 20 years with
monthly principal and interest payments.
The entire process takes 45-60 days with a preliminary
approval in less than 30 days. The bank will order a property
appraisal once the loan is approved. Infohome has an experienced
staff to consult with you on the best mortgage for your
situation. In many cases, we will recommend that you obtain
a U.S. mortgage instead of a China mortgage.
If you prefer to use a home equity line of credit or cash
out refinance on your current home in the United States,
Infohome can also help. We are a full service and licensed
mortgage banker in California, New York, and other states
and have dozens of lenders and thousands of programs to
choose from. |
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