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That is a surprise. I thought I could get a mortgage around 400k. Anyway, mortgage is not a big issue, though I think it is silly not to take advantage of today's low mortgage rates.
I'd be surprised if you can get a mortgage easily at all, assuming you have no U.S. credit history. Even large amounts of cash will not necessarily help that. Again, perhaps your international organization can offer a loan guarantee or something to fix the problem.
I'd be surprised if you can get a mortgage easily at all, assuming you have no U.S. credit history. Even large amounts of cash will not necessarily help that. Again, perhaps your international organization can offer a loan guarantee or something to fix the problem.
So mortgage is impossible even for someon who just arrives in US but is willing to put up 80% down and earn a good salary? It sounds ridiculous
Just put down 100% and a lot of the nonsense goes away. Or else just look for a place that costs 20% less. Cash is always king.
The Mortgage rates are low. I can use cash to earn higher yields. And it is really unfair to new comers not being able to get a mortgage even if he is capable of paying
The Mortgage rates are low. I can use cash to earn higher yields. And it is really unfair to new comers not being able to get a mortgage even if he is capable of paying
Well its worth a try if you have a large downpayment. I have an offshore account with a bank that offers international mortgages. I'm not sure if that is applicable to the US, but youn should investigate.
As for the alleged unfairness, in such situations people here generally write a letter to the President to complain.
The Mortgage rates are low. I can use cash to earn higher yields. And it is really unfair to new comers not being able to get a mortgage even if he is capable of paying
I don't know if a mortgage is impossible, but I think very unlikely to be easy. The entire process is deeply linked to credit history, US income tax returns, etc. Perhaps someone else who has moved here can weigh in and explain whether it is even possible. I wouldn't count on it, though.
I am earning 8 % fixed interest on my Chinese yuan deposit. And Yuan is appreciating against the dollar. So in dollar terms, the yield is easily more than 10%
I am earning 8 % fixed interest on my Chinese yuan deposit. And Yuan is appreciating against the dollar. So in dollar terms, the yield is easily more than 10%
Yes but you'll be imprisoned if you try to withdraw the money.
True, the term quality of life is quite vague. I definitely understand that the living cost in NYC is extremely high as compared to shanghai, china, where I live now. Interestingly, the cost of living survey done by some consulting firm does rank shanghai way ahead of NYC.
I expect to live comfortably at least. A 3 bedroom apartment or house is minimum, though it does not need to be in Manhattan. My wife and I are expecting kids and my parents will visit me from time to time. that is why I need a big space. I do not expect a full time maid in NYC. but I do want to have some cleaning services once or twice a week, and have a nanny after the child is born. I just wonder how tight is it with a take home salary of 7500.
Frankly, the info you provide is just too vague, "quality" and "comfortable" are relatives, different for social, class and economic reasons, as well as quality/comfort can vary GREATLY between 1st and 3rd worlds. Hence your insistence upon maid service, as well as nanny. Here, such is more than a simple luxury, and generally is regulated to the upper middle class and beyond.
Let's make this simple, generally, a family of 4 to live in solid middle class comfort requires roughly $US150K. A Single with that income can live quite well in the fashion, I imagine you envision; but for that same single to maintain the lifestyle with a family will need roughly US$300K to have a relatively "comfortable" NYC lifestyle. ("Comfortable", being defined as having no financial worries.)
BTW, US$500K w/b a sizeable downpayment on $1M, and you'd still be looking at US$5,000 to US$7000 in mortgage and monthly carrying costs. This w/n include the rest of life expenses. In addition, for most of the upper middle class, private school is the ONLY option, and that will run US$20,000 to $50,000 per annum.
A maid and nanny, depending upon quality and class, can also run US$25,000 to $50,000 per, and c/b significantly more.
I hope that gives you a sense of where you, your income, standards, and desires, will fit in the scheme.
In NYC compromise is a MUST for virtuallly everyone, unless one has wealth. The above as described, while relatively comfortable, still comes with compromise.
Of course, there are many middle class and below NYers who survive on much less and would find such a lifestyle luxuriois, the reality is that a majority of Manhattan families, below 96th Street, live such a lifestyle, as well as a steadily increasing number above 96th and in Brooklyn.
Jfyi, your income will likely go furthest in the suburbs of New Jersey; and/or along the Hudson river in NJ, from Newport to Riveredge.
All in all. US$95K w/n fully support your desires, but with certain compromises and frugal management, you could enjoy NYC and live well, but modestly. If your wife/husband can earn an additional $50K, life gets significantly easier, though still with some compromise.
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