Buy to let mortgages in the US are becoming more and more popular by the day, particularly in areas such as Miami as the property is fairly cheap and there are lots of people coming in and out of Miami all year round, working for a little while in The States before moving back home again and therefore there is always a constant need for temporary accommodation.
The main reason that the Buy to Let Mortgage is becoming popular is owing to the fact that it can provide a great source of income. If you are taking some time out to travel the world, working your way across it doing odd-jobs until the money runs out, you are liable to manage to stay away for longer with the income that can be had from investing in a property on a buy to let basis.
Secondly, investing in property in general is an excellent way of making plans for the future and ensuring financial security in your old age. This is particularly true of property invested in within the US thanks to the continued strength of the dollar against most other national currencies.
How easy is it to invest in a buy to let property in the US? What are the steps that one has to go through in order to reach this goal?
The process is in fact a fairly simple one in principal. The difficulties arise during the actual search for a property that would be rentable and that would be within your price range, which is something that can only be tackled on a case by case basis.
However, the following information will be enough to get your on your way towards investing in something that is liable to do you a great deal of financial good in the long term.
The largest difference between a buy to let mortgage and that of a standard interest only or repayment mortgage under normal circumstances is found in the amount that a mortgage lender is willing to lend you. As a buy to let mortgage owner, you are more likely to find that the potential rental income you are likely to make from the property will also be taken into account on top of your actual salary in terms of working out how much the bank is willing to loan you.
In addition, the following documents are usually required by the standard buy to let mortgage lender:
1. Pay stubs for the past 2-3 months
2. W-2 forms for the past 2 years
3. Information on long-term debts
4. Recent bank statements
5. Tax returns for the past 2 years
6. Proof of any other income
7. Address and description of the property you wish to buy
8. Sales contract
During the application process, the mortgage lender will order a report on your credit history and a professional appraisal of the property that you want to purchase.
The application process typically takes between 1-6 weeks.
With that in mind, it is time to get out of the house and get to your nearest estate agents or buy the newspaper and start having a scout for potential property within your budget and to your liking. Financial security can be made that much more secure through a little bit of careful property investment. Check out the potential without delay.
