Securing a mortgage can be a challenging process for anyone, but it can be especially daunting for foreign nationals who are self-employed investors. This was the case for an international bonds investor from Andorra who was looking to purchase a condo located in Miami, Florida. However, thanks to the expertise of a knowledgeable our Mortgage Loan Originator, Julia she was able to find a program that fit the client’s needs and qualified them for an amazing rate, despite the challenges they faced. One of the biggest challenges encountered was transferring the funds from Andorra to the United States. The process took two weeks and required finding a bank that allowed the client to open an account in the US. Additionally, the Power of Attorney (POA) needed for signing was not sent over by the title company in a timely manner. However, Julia was able to work with the client to find a solution to these challenges and get the POA approved the same day.
Overall, the outcome was a success. The client was able to secure a 3/1 adjustable-rate interest-only 30-year mortgage with an interest rate of 6.5%. Despite the challenges she faced, Julia’s determination helped the client achieve their goal of purchasing a condo in Miami. This success story is a testament to the importance of finding the right MLO who can navigate the complexities of the mortgage process and find the best solutions for their clients.