Korean Job Discussion Forums

[DaeguKid]

Does anyone know if it is possible to do that here on an F2 visa?
In terms of getting a loan through a bank, will I be denied because I am not Korean? Some background info...
-I have a stable job, been there for 2 years plus now. It ain't going anywhere.
-wife is not employed on the "books" with a business.

Can we get a mortgage?

Thanks for the help.
DK

[okokok]

It's very easy to get a mortgage here right now (even without employment). Under your wife's name anyways.

[bassexpander]

You can do Wolsay, where you put down a deposit plus rent.

If you do Wolsay, then every 10 million in deposit you put down will lower your rent by 100,000 per month.

Or you can do Jeonsay, where you put up a huge deposit and pay no rent.


Or you can purchase.

Loans, as I've heard, are a different animal here compared to back in the USA. You need like 60% of the cost of the house down to get a loan on the rest.



We do Wolsay on our place, and are saving-up to change over to Jeonsay one day in a few years. After that, we'll keep saving until we buy our own place or move to the USA, where we'll flop down a nice chunk of cash to buy a home outright. The realtor in the USA will say, "How did you get this much money?" I will say, "We got it from a country that's been getting rich off of lax American trade laws and slowly bleeding people like you dry as you give your childrens' future away to their neighbors."

[DCJames]

[bassexpander]

[madoka]

[bassexpander]

[John_ESL_White]

[madoka]

[PRagic]

Unless something has changed, I believe the mortgage system here works in reverse of the US system. Here, you have to actually buy the house/apartment first, then go to the bank to get your loan; no property, no mortgage. My understanding is that, yes, if you have a good lump sum to put down, you can get a mortgage relatively easily, even if you're a foreigner employed here.

I would, however, question the decision to buy anything in Korea right now, especially an apartment. The Korean news finally (FINALLY!) broke the news that Korea's per capita income can't support the run away prices on apartments here. Much like when it comes to the stock market, if it makes the news, you can bet that the wheels have already been in motion for a while. Another academic stated that 'buy' prices on Korean apartments should be about where 'chunsae' prices are now. That would mean about a 60% correction, more in some areas.

We're thankfully on chunsae and wouldn't buy now if you put a gun to our heads!

[bassexpander]

Things will become interesting in the next 20 years if Koreans don't start having more babies, yet build more apartments.

Did you all catch the story about the apartment owners who are crying for compensation because LMB said he would remove the capital gains tax burden from people owning two apartments -- they sold their apartments, and now have found that the gov't hasn't followed through with LMB's plan. Now they owe something like 15 or 20% tax.

[T-J]