Overpriced markets compete with low interest rates

It seems to be everywhere in the news, mortgage rates are at an all-time low, but labor and inventory shortages, as well as heightened material costs, have driven home prices to an all-time high.

Boise, Idaho currently tops the list for the city with the nations’ most overvalued homes, concluded a new survey from Florida Atlantic University and Florida International University. Homes within Idaho, in general, are now selling at an 80.64 percent premium. Second on the list is Austin, Texas where a hot market has houses selling at 50 percent overvalued, much less than Idaho, but still a huge jump for the Lone Star State.

New mortgage relief programs introduced by the Biden administration continue to keep mortgage rates low and are allowing for forbearance plans and extension periods for property owners who are struggling with mortgage payments during the pandemic. These factors are expected to keep home inventory low and prices high, and it might take a few years for the market to right itself.

For foreign investors, these factors can make a tricky market trickier. Milo provides mortgage loans for international clients. As a direct lender, we take you straight to the source to fund your loan, and our process is completely online. We operate at the speed of a private lender with the interest rate of a bank, and you’ll never even have to step foot inside our office.

In the current market, real estate moves fast. That means you need a trusted lender who provides a transparent process that will guarantee your close. Our loans for foreign nationals give you purchasing power and allow you to compete for your piece of the American dream.

Traditionally, only 30 percent of foreigners actually were approved for home loans within the United States. With Milo, however, over 80 percent of borrowers have been approved. Milo is three times faster than a bank, and our simple paperwork requirements take the guesswork out of a mortgage for non-U.S. citizens.

Foreign-born property owners tend to favor coastal cities, with the top ten cities for foreign-born property owners in California, Texas, New York, Nevada, and Florida. Over the past decade, immigrants have accounted for nearly 30 percent of household growth in the United States. These are big statistics that show the buying power non-U.S citizens hold. But, international clients are not receiving the attention they deserve within the American mortgage industry.

Milo looks at things differently. Our loans for foreign nationals grant property ownership to those who have been turned away before. We won’t hide you behind a mountain of paperwork, we will treat you with respect, allowing you to close your loan quickly.

All signs point to an American housing market that will continue to hold its value. If you are ready to explore mortgage options for non-U.S. citizens, contact Milo today. We are the experts and we will help you achieve your ownership goals.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.