It is a well-known fact that the United States of America is one of the most profitable countries when it comes to the financial market, especially in the mortgage lending. A low-interest rate on loans, loyal attitudes towards borrowers and a high standard of living in the country – all these allow Americans (and not only Americans) to take out loans without thinking about any expenses and overpaying. What is more, the US banks loan out people who haven’t been born Americans. This also refers to the Palestinian people.So let’s talk about lending in the US and the main prerequisites for Palestinians to obtain credit.
The key points that the bank considers when making a decision on whether to give you a personal credit are your credit history, financial and marital status, age, and job stability. Considering all this information, the USA bank will decide whether to loan out, what amount to give, and what terms and interest to set for a personal credit.
A flawless credit history will be definitely a plus for you. Thus, if you have a certificate proving that you have already taken out a loan and successfully repaid it, the bank will likely to loan you out. As soon as you collect all the necessary papers, issue and provide them to the bank, you can count on an early reply.
Bank refusal – what to do?
It is useful to know that in case of the bank refusal, you have the full right to break the contract without losing the advance. At the same time, after signing the papers, the seller has no right to terminate the contract and sell the property to someone else without your consent. In other words, you risk nothing here. If you are not going to buy a house and are looking for how to take a personal loan in the US, keep in mind that this option is available only to Green Card and social security number owners.
Another option for taking out a loan in America is being a student who has a student visa and has already received a social security number. You just need to have all the necessary documents and do not be afraid to delve into the details of the process.
Steps for taking out a loan in the USA
- Open an account with an American bank in the USA. The processing time varies from 14 to 30 days. There should be enough funds on the account to make an initial payment, pay bills for the transaction, and an extra reserve. The amount of the reserve should not be less than the sum of 12 monthly mortgage payments.
- Obtain a recommendation letter from your native country bank where you have an account for at least two years. In addition, the cash must match your annual income, which you also need to confirm in a writing form.
- Prepare the documents required by the bank: a passport, a copy of an open visa (Green Card, a working visa), and documentary proof of your place of residence.
If you successfully do the above steps, the bank will provide you with a loan in the amount of $100 thousand up to $20 million, with an initial contribution of up to 30%, which is significantly higher than for the US citizens. On average, the term for processing a loan is 45 days.