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  • fuckedgaijin ‹ General ‹ Gaijin Ghetto

home buying

Groovin' in the Gaijin Gulag
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141 posts • Page 4 of 5 • 1, 2, 3, 4, 5

Postby james » Mon Jun 29, 2009 7:54 pm

oyajikun wrote:Any other recommendations? I hear that Tokyo Mitsubishi sometimes gives loans to those without permanent residency. Has anyone had any luck with them?


fwiw, when my wife and i were originally considering building - we eventually decided not to for various reasons that aren't relevant here - we talked to one local bank (San-in Godo) who are quite frankly a bunch of xenophobic assholes, despite my previous dealings, and to JA Bank. San-in kept finding new hoops for me to jump through and ridiculous conditions to be met.

JA Bank has always been flexible with me overall, friendly and i gladly give them my business for direct deposits, auto, life, supplementary health insurance, travel and building insurance etc. in fact, i wanted to go to them first and have nothing to do with the other assholes, and i think the way the way San-in treated me was something of an eye-opener to my father-in-law.

i've had car loans, the loan for my school building and a small business loan for my second school, all without problems through JA. some of these dealings were before i was approved for pr. they are very well networked and in my experience nowhere near as stodgy as they appear and far more willing to work with you. in fact when we got the first estimate for a house, they were almost too willing (not predatory, i simply didn't want to borrow 4200 man!)

if you don't know someone, ask your wife if she has a friend who works for a branch near you. this is important as, afaik, the way they are structured, a branch can only lend within a certain geographic area.

go in together, perhaps with her friend having acted as a go-between beforehand and talk to them. they may be a bit more sticky on the permanent residence requirement for long-term loans but if it's pending, they might be able to draw things up and then execute the loan upon your being approved.

good luck to you!
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Postby Mock Cockpit » Mon Jun 29, 2009 10:06 pm

dimwit wrote:We put down about 40% two years ago and that I gather is not unusual.

Was 40% here too, thanks to the old girl putting her money where her mouth was.
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Postby oyajikun » Tue Jun 30, 2009 9:17 am

GomiGirl wrote:In the world of conservative banking, 20% is still kinda low for a deposit. I think gone are the days of 100% or higher loans. Sadly that bubble has burst.


I suppose you could be right, but if the deposit amount were an issue, you'd think that they would want to discuss that with me.


Going to call the people at Kaihogin next. If that dosn't work, I'll try seeing if renting the property until I recieve my eijuuken might be a possiblity.

http://www.kaiho-bank.co.jp/syohin/loan4.htm

Thanks for all the input.
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Postby nottu » Tue Jun 30, 2009 9:42 am

Last edited by nottu on Thu Oct 02, 2014 10:20 am, edited 1 time in total.
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Postby oyajikun » Tue Jun 30, 2009 10:23 am

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Postby Typhoon » Tue Jun 30, 2009 11:04 am

Never criticize anyone until you've walked several kilometres in their shoes.
Because

1. You're now several kilometres away; and

2. You've got their shoes.
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Postby oyajikun » Tue Jun 30, 2009 3:39 pm

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Postby oyajikun » Tue Jun 30, 2009 6:15 pm

The person I spoke with at HSBC was very kind, but he pointed out that they can only offer up to 70% total cost of property. They also require you to become an account holder. Unfortunately (in my case) HSBC requires you to keep at least 10million yen with them.

Apart from that, thier rates were on par with what most of the other lenders are offerning. I was most impressed with how courteous and respectful they were with me over the phone. I needed that..
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Postby Bucky » Wed Jul 01, 2009 12:46 am

oyajikun wrote:The house is only 30 million yen. We planned to pay 10%.

To me 10% down is so three years ago.

In this economy, if you can get the 70% mortgage I would consider that pretty good.

Do homes where you are buying appreciate? In Seattle, for example, the valuation of our house has gone down by 16% in the last 14 months. If the house you are trying to buy lost 10% of its value you would have no equity, I imagine the bank may be looking at that sort of scenario.

Fortunately, in our case, we purchased our house 17 years ago and it is still worth 2.5 times what I paid for it in '92 despite the recent devaluation.
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Postby oyajikun » Wed Jul 01, 2009 9:07 am

Bucky wrote:To me 10% down is so three years ago.

In this economy, if you can get the 70% mortgage I would consider that pretty good.

Do homes where you are buying appreciate? In Seattle, for example, the valuation of our house has gone down by 16% in the last 14 months. If the house you are trying to buy lost 10% of its value you would have no equity, I imagine the bank may be looking at that sort of scenario.

Fortunately, in our case, we purchased our house 17 years ago and it is still worth 2.5 times what I paid for it in '92 despite the recent devaluation.



I don't belive any properties in Japan appreciate in value. This is one of the main reasons we are looking at used homes. One good thing about the property that I am tryin to buy is that it is concrete construction. Concrete houses tent to last longer and therefore don't depriciate as quickly as other homes.

Trying Okinawa Ginko this morning. Maybe they will offer us more if we tell them the amount we have been approved for at Kaiho.

Wish me luck!
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Postby Bucky » Wed Jul 01, 2009 9:43 am

oyajikun wrote:I don't belive any properties in Japan appreciate in value.

Seems like you answered your own question then about why you couldn't get a mortgage with only 10% down.
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Postby GomiGirl » Wed Jul 01, 2009 12:57 pm

Do the banks in Japan take into consideration the value of the property when doing a mortgage? Or is it all up to the repayment ability of the person?

I seem to remember that banks in Australia look at the property and factor in the value that they assess it to be (as opposed to the selling price) along with the borrowers ability to repay the loan - income, deposit etc.
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Postby dimwit » Wed Jul 01, 2009 1:09 pm

GomiGirl wrote:Do the banks in Japan take into consideration the value of the property when doing a mortgage? Or is it all up to the repayment ability of the person?

I seem to remember that banks in Australia look at the property and factor in the value that they assess it to be (as opposed to the selling price) along with the borrowers ability to repay the loan - income, deposit etc.


In my experience the answer was no. They were more concerned about the size of the loan and the ability to repay it.
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Postby oyajikun » Wed Jul 01, 2009 3:29 pm

Okinawa Ginko accepted my application today!

They are offering us a fixed 5 year 2.10% loan with,, wait for it,,, no money down! (We still plan to make the down payment)

Still not 100% approved, but we are feeling pretty good about it. The guy that accepted my loan today was the same guy that stopped us at the door when we tried to buy last year. He seems pleased that my eijuuken is being processed.

Will update you with the final decision.

http://www.okinawa-bank.co.jp/kojin/kariru/loan_goannai/jyutaku/kinrisentaku.html
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Postby Mulboyne » Wed Jul 01, 2009 4:26 pm

oyajikun wrote:I don't belive any properties in Japan appreciate in value.

Of course, that hasn't always been true. For most of the post-war period up until 1990, property across Japan, particularly in the main urban centres, did nothing but appreciate.
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Postby OKLAHOMA » Wed Jul 01, 2009 8:49 pm

GomiGirl wrote:Do the banks in Japan take into consideration the value of the property when doing a mortgage?


Nope. It's all the same to them whether Mr. Mori is planning another 60-story office building in Otemachi or some wannabe permanent resident is trying to buy an old shack in Okinawa. The interest rate, deposit and monthly payments will always be the same!

Of all the lame-brained questions that ever graced this absurd chat room...
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Postby OKLAHOMA » Wed Jul 01, 2009 8:51 pm

oyajikun wrote:Okinawa Ginko accepted my application today!

They are offering us a fixed 5 year 2.10% loan with,, wait for it,,, no money down! (We still plan to make the down payment)

Still not 100% approved, but we are feeling pretty good about it. The guy that accepted my loan today was the same guy that stopped us at the door when we tried to buy last year. He seems pleased that my eijuuken is being processed.

Will update you with the final decision.

http://www.okinawa-bank.co.jp/kojin/kariru/loan_goannai/jyutaku/kinrisentaku.html



Good luck and be careful what you wish for. You may just get it.
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Postby james » Wed Jul 01, 2009 9:13 pm

OKLAHOMA wrote:Nope. It's all the same to them whether Mr. Mori is planning another 60-story office building in Otemachi or some wannabe permanent resident is trying to buy an old shack in Okinawa. The interest rate, deposit and monthly payments will always be the same!

Of all the lame-brained questions that ever graced this absurd chat room...


nothing stupid about the question at all... of all the lame-brained trolls that ever graced this bbs..
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Postby Yokohammer » Wed Jul 01, 2009 9:40 pm

OKLAHOMA wrote:Of all the lame-brained questions that ever graced this absurd chat room...


So absurd that you just can't stay away, even after boldly announcing your departure.

You must be terribly lonely and/or bored. Poor thing.
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Postby james » Wed Jul 01, 2009 9:55 pm

Yokohammer wrote:So absurd that you just can't stay away, even after boldly announcing your departure.

You must be terribly lonely and/or bored. Poor thing.


wouldn't waste your time trying to console the poor bugger. he's probably putting on some black eye-liner and getting ready to slash at his wrists as we speak.

really, we should just ignore the little emo kid whenever he posts. no sense in ruining a perfectly good thread.
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Postby Greji » Wed Jul 01, 2009 11:32 pm

OKLAHOMA wrote: The interest rate, deposit and monthly payments will always be the same!

Of all the lame-brained questions that ever graced this absurd chat room...


I have purchased several houses, plus the land for several apartment buildings (that I built on) and none of them were the same boy-chan, now be nice and go out and play in the traffic...
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Postby Bucky » Thu Jul 02, 2009 12:32 am

oyajikun wrote:They are offering us a fixed 5 year 2.10% loan with,, wait for it,,, no money down! (We still plan to make the down payment)

Sorry to seem dense here, but how does that work? Do you have to refinance in 5 years? Heck of an interest rate, good luck on that.
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Postby wuchan » Thu Jul 02, 2009 1:37 am

Bucky wrote:Sorry to seem dense here, but how does that work? Do you have to refinance in 5 years? Heck of an interest rate, good luck on that.

It's a variable rate loan but the bank can't change the rate for the first five years. After the five years are up they can change the rate whenever they like, or you refinance at four years and 11 months. I got a 1.8% loan from musashino this year. I don't think that the average j-homeowner would ever think about refinancing, the bank people seemed a little scared when I brought up the idea.
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Postby oyajikun » Thu Jul 02, 2009 9:36 am

wuchan wrote:It's a variable rate loan but the bank can't change the rate for the first five years. After the five years are up they can change the rate whenever they like, or you refinance at four years and 11 months. I got a 1.8% loan from musashino this year. I don't think that the average j-homeowner would ever think about refinancing, the bank people seemed a little scared when I brought up the idea.



That's correct. Fixed for the first 5 years at 2.10%. After that I believe I will be able to choose from the new market rates at that time. Since the enonomy has pretty much bottomed out, I'm hoping the interest rate will not raise too much in that time. I'm still thinking about if I should take the 10 year 2.90% instead..
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Postby oyajikun » Thu Jul 02, 2009 11:16 am

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Postby GomiGirl » Thu Jul 02, 2009 12:31 pm

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Postby gkanai » Thu Jul 02, 2009 1:40 pm

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Postby oyajikun » Thu Jul 02, 2009 2:06 pm

GomiGirl wrote:They have no money!! Read threads on this board* and also news here.

* perhaps they are in premium forums only so you may not have seen it as you are not a paid up member.



Where can I upgrade? I couldn't find the link.
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Postby oyajikun » Thu Jul 02, 2009 3:26 pm

Nevermind, found it!
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IF YOU CAN'T BUY A HOUSE- YOU DON'T DESERVE TO!

Postby OKLAHOMA » Thu Jul 02, 2009 3:46 pm

james wrote:really, we should just ignore the little emo kid whenever he posts. no sense in ruining a perfectly good thread.


The above quote sums up your way of thinking quite well. You care more about a bullshit "thread" than the REALITY of buying property.

Listen closely and try to learn something.

I own 2 properties in Japan. In my name. No guarantor(s) involved. Didn't have no 'spousal' grandmother 'gift' me a parcel of land so that me and the Mrs. could build a house. Getting loans was easy. I showed up with millions of yen, in cash, as a deposit.

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Those of you who CAN'T get a loan DO NOT DESERVE ONE!
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