sigh..there's so much to learn about getting a US property. i've
heard/read so much about property foreclosures (different
stages of foreclosures etc) but i'm still in a blur.
i heard the housing interest rates are pretty steep..even though
it's quite low at the moment? prob have to check with our banks how
to go about obtaining pre-approval. we can't even get a credit card
for now! it's crazy. would it help the loan qualifying
process if we borrow only small % of house
price/valuation?
it's a steep learning curve for us....we didn't even realise
that our debit cards were tied to our checking account (we've both
checking/savings accounts) 'cos we just took for granted that the
cards are tied to savings a/c just like in singapore. in the end,
we overdrawn on our checking account 'cos we only left a minimal
amount there...the bank charged us $35 per overdraw and we incurred
$140 in total! we really felt like idiots. and i also don't
understand why there's a limit to the number of transfer
transactions between bank accounts?
there's so much to learn...
We all live and learn. But ye get the hang of it eventually.
In Singapore, we're all so used to having everything
pre-packaged and shoved in our face.
Here, ya just gotta adapt and do some research on your own. The
good thing is, 90% of them information is available online. Just
need to perfect your googling and yahoo-ing skills.
You haven't yet establish yourself here. So banks are probably
gonna give you low credit ratings.
Which bank did you apply for credit card ?
For home loans, banks typically ask for your previous
years income tax statements and how much you have in your
savings, then they'll figure out your equity and debt
to income ratio. They may even limit your loan amount based on the
information you furnished. Interest rates are quoted based on their
assessment on your credit ratings. If your rating is poor, you get
a higher interest rate.
You may be able to get a small loan, if you put a big
downpayment. But the banks will want you to prove you have that
money in your bank first, before they'll give you the nods.
But prior to submitting for loan approval, it is important you
don't make any major purchases on your credit. Example, a 2K wide
screen TV, or a new car.... etc.
Right now, you need to focus on improving your credit ratings.
Once you have a good rating, everything will be easier.
I know it seem rather daunting, and I don't wana scare you
lah.
Imagine you are a fresh grad just starting out with zero credit
rating. You'll be just fine.