Is it possible to get an international mortgage from Bank of America?

Gabriela Peratello

If you’re considering buying an investment property, vacation home, or a new place to live overseas, you might be wondering about getting an international mortgage from Bank of America.

Unfortunately Bank of America isn’t usually able to offer international mortgages — but this guide offers some alternatives. We’ll also introduce Wise as the perfect way to make payments overseas, for lower fees and with the real mid-market exchange rate.

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Can you get an international mortgage from Bank of America?

Bank of America does not usually offer international mortgages. To check out the details for your personal situation you’ll need to connect with a BoA lending specialist.

Call Bank of America on 1 866 466 0979 to talk to the specialists and learn more.

However, even if Bank of America can’t help there’s no need to panic. We have a few alternatives for you to consider, coming right up.

Bank of America international mortgage alternatives

While you can’t necessarily get a mortgage directly from Bank of America to finance your international purchase, if you own a home in the US you may be able to get a Home Equity Line of Credit (HELOC). This is effectively borrowing against the equity of your home, and releases capital you may choose to use to finance your international purchase.

There are risks involved with HELOC products. Make sure you understand them if you consider this route.

Do US banks offer international mortgages?

US citizens may be able to access international mortgages through the global banking service provided by their regular bank. Several banks in the US offer international mortgages although the service may be limited by country or customer needs. Here are a few options to consider.

HSBC

HSBC international services cover mortgages for US citizens buying in specific countries¹.

Countries covered include:
  • Australia
  • Canada
  • Mainland China
  • France
  • Hong Kong SAR
  • India
  • Malaysia
  • New Zealand
  • Singapore
  • UAE
  • UK

You can apply for an overseas mortgage with HSBC as long as you’re over 18 and meet eligibility requirements around income and affordability. There may be a maximum age limit applied to the end of the loan terms offered, and HSBC’s mortgage fees vary by destination country.

Barclays International Mortgages

Barclays International offers international mortgages for people buying property in the UK².

You may be buying a place to live in yourself, or as an investment. You’ll need to be an existing Barclays customer — and over 18 for an owner occupied purchase, or over 21 for an investment. Investment purchases must also be under 75% equity.

You can get a Barclays fixed rate mortgage option, a tracker — or a part and part, which is a mix of the 2.

Standard Chartered International Mortgages

Standard Chartered (SC) Global Banking also offers international mortgages to US customers³. The availability of products and services may depend somewhat on where the property is located — get in touch with SC directly to understand more about whether they can help.

Buying property abroad? Send money the hassle-free way, try Wise

If you need to pay a downpayment on a property abroad — or if you’re making recurring mortgage payments internationally, you could save with Wise.

Wise cross-border payments use the real mid-market exchange rate with low, transparent fees and no markups. That means you could save significantly compared to your regular bank.

Arrange your international transfer online or in the Wise app, and see how much you can save with fast, cheap and secure payments from Wise.

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If you’re buying an international property you’ll need to find a mortgage provider which can support your needs. If Bank of America can’t help, the good news is that there are other specialist providers out there who can step in.

Use this as a starting point to find the right international mortgage for you, and don’t forget to check out Wise to see how much you can save when you’re making one off or recurring payments overseas.

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Sources:

  1. HSBC - Buy property abroad
  2. Barclays - Mortgage guides
  3. SC - International mortgage

Sources checked on 11. .2021


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