Korean Job Discussion Forums

robb9 · Joined: 13 Jul 2004

I am looking for someone who has gotten a mortgage in the states while living in KOrea. What was the process like, what docs where needed etc etc. Please pm me so I can get in touch with you.

Thanks,

rb

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

I think posting info on the forum is better than PMing so others can read the answers.

I don't have mortgage experience, but if you go through a bank, you should be able to deal with the bank across the ocean through telephone, email and fax. Banks want your money, and if you aren't there in person, they don't care. They just want proof you can pay them back.

seattlespew · Joined: 01 Mar 2006

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

Ditech.com

"I've lost another loan to Ditech!"

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

I applaud the courage of anyone buying proerty in US (or UK) at the moment.

huffdaddy · Joined: 25 Nov 2005

Zark · Posted: Thu Jan 04, 2007 5:50 am Post subject:

Don't buy ANYTHING "sight unseen" - it is easy enough to make a valid offer with a clause that allows you to exit the deal should your personal inspection reveal anything - literally "anything" - that is not to your liking (when you arrive to take a look).

All real estate agents will know how to write such a clause. I bought a couple properties while living overseas - but always took the time to fly home and make sure my hard earned cash was being put in a safe place - before actually closing the deal.

Homer · Guest

Got a morgage in Canada...does that qualify?

We bought our place a few years a ago, put it on a 10 year morgage and have been renting it out. It will actually be paid off in 8 years instead of 10.

We picked out some places via the internet before going for a visit to Canada, chose the ones that we liked, booked visits via Email and then visited the properties while on vacation. We made an offer, bought the house and settled it all during the same vacation.

I have a guy who looks after the house (repairs) for us, he is a close friend and I pay him when he has to do repair work (not much so far).

Never thought I would pay off a property in 8 years... Laughing

seattlespew · Joined: 01 Mar 2006

krats1976 · Joined: 14 May 2003

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

matthews_world · Joined: 15 Feb 2003

I'm looking at buying property soon.

Don't know about elsewhere but it's a buyers market in the US and also their are many renters out there as well.

I'd like to buy for investment. If you have any close family membes you can rely on, it's definitely worth it having them helping you inspect the property, paperwork via power of attorney and dealing with the renters, upkeep, etc.

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

If you think this is a buyer's market you haven't seen what happens when people have to sell their house and cannot.

This is close to the top. Hold off.

If you buy to live, so that your house is a utility, then perhaps OK. But if you borrow 90% of the money and prices drop 10% you have lost all your cash. Be careful out there.

All IMHO and DYOR.