As Seen in WSJ: Good News, and Some Bad, on European Mortgage Rates
WSJ recently featured Kathryn Brown, Director of Operations at Paris Property Group, to weigh in on the low rates for buyers of European real estate and the expensive fine print they should be aware of.
U.S. mortgage rates may seem to be at an “all-time low,” but when compared to the European nations, they are unreasonably high. The European Central Bank reported average rates in September for home-purchase loans with fixed terms of over 10 years at 1.44%, compared to the United States 3.12% rate on a 15-year mortgage.
Kathryn Brown, Director of Operations at Paris Property Group weighed in on this trend. On behalf of her team that specializes in foreign buyers, Brown stated that these lower rates still don’t make it easier for Americans looking to buy properties overseas. Closing costs are also much higher, as mortgage brokers cited a range between 7-12% of add on costs on top of a property’s price.
Paris Property Group is the exclusive member of Leverage in Paris, France specializing in foreign buyers. An experienced ex-pat, Kathryn is able to offer her clients a global point of view.
Click here to read the full article in The Wall Street Journal. The feature was written by Katy McLaughlin.
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