I may possibly buy a home in the next couple of years depending on if I find what I like for the right price. I was wondering if a foreign currency mortgage is something that many people opt for and if it would be worth my time to research.
Is there a chance for substantial savings if I choose to finance a home with one?|||It is possible. The funding money will be wired into the escrow company in order to complete the sale. That will be a local escrow company in your town. If you get their approval to accept foreign currency, you can do it.
If you did not use an escrow company and paid the seller directly, you would only need the seller's approval. He would be paid in foreign currency. Perhaps he is traveling to that country and can use the money. Or he is willing to do the exchange himself into USD.
There is no automatic savings by financing that way.
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