Awesome video! As a dual citizen, this makes sense to get a mortgage for us as a couple and my partner is getting her citizenship and still works as I'm retired. Thanks so much Nick! We'll send an email to get Marco's information!
Pretty straight forward process overall. Loan to value, debt to income ratio, pre qualification, rate, term, the only thing missing is an appraisal. It sounds like the banks focus more on the ability to repay instead. Definitely not impossible to get this done, if you qualify. Document translation just becomes an added step in the process. As would be expected, throwing a mortgage into the mix would slow down the process possibly. With proper planning this could be minimal. I do agree that mortgages are for the young and best be avoided in the retirement arena. There are, of course, always circumstances where a mortgage could be advantageous. Currently in the US the trend is to access equity with a line of credit, then go looking for a property. Good stuff and a great follow up to the how to purchase video. Nick, you are helpful as always. So nice to see your side kick with you. Perhaps the next subject of a sit down could be a post purchase video on tax ramifications for the new owner that decides to retire in Italy. What retirement income is taxed etc… Grazie mille!
A piece of "dry matter" (as we would say in Germany), but nonetheless extemely useful and informative for all those people who want to buy a property in Italy. However, Marco explains everything very well and instructive. Thanks again for that excellent video, Nick and introducing your cute dog to us (and yes, Italian pastry is to die for, I can understand his begging very well ;)). Kind regards from DE J.
Very good info, as always. It was obvious that Marco had a wonderful command of the topic (and English!). In the US the current rate for a 10-year mortgage seems to be 5.7%. Italy is cheaper in this regard, as well as with food, property taxes, and several other things. The reasons for buying a property are adding up. I'm glad you were able to enjoy your meal this time without waiting. Thanks, Nick!
Your dog he is so cute and snuggly. I’ve liked these last two videos speaking about moving to Italy and all of the ins and outs of how to do so. I hope to move without a mortgage sooner than later. So this is very helpful
This was super helpful and also very clear. Good on both parties for knowing the smart questions to ask and being smart enough to know how to answer them clearly. This was super informative. I would have liked to know if there were any differences for citizens who are non residents, but i understand my situation is probably very niche and atypical versus your average customer. Thanks for all you guys do. Keep up the great work.
That makes a lot of sense what Marco said for a loan for a non resident. Really interesting and informative Nick! Thanks. Your breakfast looked delicious. 👍
Non-Residents need 50% down payment (loan to value) and the new mortgage plus your current debts must not be more than about 35%-40% of your net income. All your documents must be professionally translated into Italian.
Excellent info Thank you so much Nick and Marco! Answered lots of questions that I had in my mind for future projects! Might have to start a "portfolio" of properties LOL 😀🤩🤗
Bongourno! How generous of Nick to invite everyone to this lovely Italian cafe for literally- Free Advice. Very Cool! Admittedly, my favorite part of this is Macke 🐶 😂 Too cute! Valuable resource though, Grazie mille!
Nick, you are very much appreciated 🙏 Bravo to you on all your efforts in make home buying in Italy lovely & achievable. You are an absolute DELIGHT to watch! Dare I say that you could very well sell ice to Alaskans!! Lol Btw, emailed 2 weeks in hopes of getting assistance on purchasing home, but have not heard back. Should we just call the office instead? We're in the US.
The most important to tell the most of your (potential) clients is that, if you move to Italy, there is a loop hole to the extremely wealthy. Just pay €100,000 each year, regardless. Hope this helps someone on your channel 👍❤️
As an American I was surprised to hear age is a factor in determining eligibility for a mortgage. In the US this would be considered discriminatory. The ECOA (Equal Credit Opportunity Act) has been the law since 1974.
Hi there- just to add: in France, they use your age and health and many people who buy in France have to take out life insurance so that there will be money to pay back the bank!
Thanks. Do the banks allow a mortgaged property to be rented out? Or maybe they don't allow it officially but close an eye? How is rental income taxed? Can any other property tax be netted with the mortgage?
Very good questions. Could you email the office please and we will endeavour to answer your questions or direct you to someone who can. Best wishes, Nick.
Thank you for providing this information Nick. Do you know of any of your clients who have utilized using a Consulate for translating the documents needed?
Can you cover how the yearly taxes are assessed. In the USA the yearly tax value of property is decided at the state level, some states annually reappraise the value of the property and other states it's fixed at last purchase price. Can you cover inheritance tax for property (based on Italian citizenship) vs IT dual citizenship thank you
Hi John, Yes, I know this. Property tax on ever house is different. There is NO property tax as a resident on your primary address, unless it’s deemed to be a luxury property. You will need to speak to an Italian tax advisor on inheritance tax as I’m not qualified to give advice and it would be wrong for me to do so here. Best wishes, Nick 🙏
Great information! Thanks! I have one question, I learned that banks provide mortgages but also some private credit agencies like "Affida". Is there any difference? Which one do you think is easier to get a loan pre-approval if you are not yet an Italian resident? Thank you so much again!
I would watch my other video with Marco about Mortgages in Italy. It really boils down to interest rates. I would recommend Intesa Sanpaolo. Hope this helps and sorry for the delay. Best wishes, Nick. 🙏
Ciao Nick, this video was perfect for me, I do not have a mortgage on my home anymore, I was going to look into a retirement visa. Does the Italian banks only want information on outstanding property loans, or are they looking at all debt, say car loans and credit cards as well. Looking at your debt-to-income ratio, I will sell my car before moving and I do not have high credit card debt, I was just wondering what exactly they look at. Thanks again Nick, Love from N.Y.
Hi Joni, Thank you for your kind message. I believe they will ask for all loans. Really, it’s about wealth management. Why don’t you reach out to Marco. I’m sure he will be happy to help. His email is in the description. Best wishes, Nick. 🙏 ❤️
Many thanks Nick, and Marco. It's so reassuring to hear it from the horses mouth. Question: is there any scope to take out a renovation loan from an Italian bank (assuming that we have already bought a house outright for cash, have a codice fiscale, and evidence of a existent longstanding active monthly income)?
That’s a question for Marco. I expect if you’ve purchased the house you could apply for a loan using the property as security. Hope this helps. Marco’s details are in the description. Best wishes, Nick.
@@italianproperty Thanks. I would hope that since each form is exactly the same someone would have created a translated template that only requires the specific number to be input. No point in recreating the wheel each time
@@italianproperty thanks for the replay! In terms of loan amounts I've heard many banks don't want to lend if the mortgage is below $100k. So if I find a house for say $120k and put $60k down will it be hard to get a mortgage for the remaining $60k? Assuming my qualifications for the loan are fine
Hi Nick 🖐 Can Marco help me obtaining a mortgage in Italy? Im a EU citizen living and earning the United Kingdom. Is it realy 50% down payment that I need?
Awesome video! As a dual citizen, this makes sense to get a mortgage for us as a couple and my partner is getting her citizenship and still works as I'm retired. Thanks so much Nick! We'll send an email to get Marco's information!
Pretty straight forward process overall. Loan to value, debt to income ratio, pre qualification, rate, term, the only thing missing is an appraisal. It sounds like the banks focus more on the ability to repay instead. Definitely not impossible to get this done, if you qualify. Document translation just becomes an added step in the process. As would be expected, throwing a mortgage into the mix would slow down the process possibly. With proper planning this could be minimal. I do agree that mortgages are for the young and best be avoided in the retirement arena. There are, of course, always circumstances where a mortgage could be advantageous. Currently in the US the trend is to access equity with a line of credit, then go looking for a property. Good stuff and a great follow up to the how to purchase video. Nick, you are helpful as always. So nice to see your side kick with you. Perhaps the next subject of a sit down could be a post purchase video on tax ramifications for the new owner that decides to retire in Italy. What retirement income is taxed etc… Grazie mille!
Great idea Brian. 🙏 Nick.
Very Informative Nick.... We will keep dreaming of Italy via your posts... Bravo to Macchi's Stellar Behavior... plus breakfast looked incredible!
My goodness, that man’s mastery of the English language is outstanding! Thank you Nick, very interesting 😊
I'd guess he lived in the UK for a couple of decades, then returned to Italy. He certainly has a UK way of speaking English, and not an American one.
@@perolagrande yes, quite possibly. I just wish I could command the same excellence in Italian! 🥲
This time I made myself an espresso and paid attention. It's very important to know this information. Thank you.
Pleasure. ❤️ N.
Ah Macke, hadn’t seen him in awhile! Great info Nick & it shows your potential clients they to can have a home there. Cheers Kirk
At 65 my bank is happy to give me a Mortgage of 75,000 that's all I need.
A piece of "dry matter" (as we would say in Germany), but nonetheless extemely useful and informative for all those people who want to buy a property in Italy. However, Marco explains everything very well and instructive. Thanks again for that excellent video, Nick and introducing your cute dog to us (and yes, Italian pastry is to die for, I can understand his begging very well ;)).
Kind regards from DE
J.
Very good info, as always. It was obvious that Marco had a wonderful command of the topic (and English!). In the US the current rate for a 10-year mortgage seems to be 5.7%. Italy is cheaper in this regard, as well as with food, property taxes, and several other things. The reasons for buying a property are adding up. I'm glad you were able to enjoy your meal this time without waiting. Thanks, Nick!
Thanks John. 😊 Best wishes, Nick.
Your dog he is so cute and snuggly. I’ve liked these last two videos speaking about moving to Italy and all of the ins and outs of how to do so. I hope to move without a mortgage sooner than later. So this is very helpful
Pleasure. Thank you Pamela. ❤️ Nick.
Thank you for this wonderfully informative video. Soooo helpful. ❤️🙏👌
Pleasure. 🙏 Nick.
Again, great content. learned many things in this one, thank you for taking the time of making such a video!
Pleasure Nicolas. 🙏 Nick.
This was super helpful and also very clear. Good on both parties for knowing the smart questions to ask and being smart enough to know how to answer them clearly. This was super informative. I would have liked to know if there were any differences for citizens who are non residents, but i understand my situation is probably very niche and atypical versus your average customer. Thanks for all you guys do. Keep up the great work.
That makes a lot of sense what Marco said for a loan for a non resident. Really interesting and informative Nick! Thanks. Your breakfast looked delicious. 👍
Thank you Mary. ❤️ Nick.
I was secretly hoping the dog was going to swipe the remainder of your sweet roll. Looked like he almost had it!
😊 N. ❤️
Terrific content. Thank you!
Pleasure. 🙏 Nick.
Non-Residents need 50% down payment (loan to value) and the new mortgage plus your current debts must not be more than about 35%-40% of your net income. All your documents must be professionally translated into Italian.
Thank you Nick. So good.
Thank you a lot Nick and Marco for that bunch of important informations, even if I'm from Germany.
Our pleasure!
His reactions to the dog was hilarious 😂😂😂😂 the looks on his face at the dog captured my attention😅
Thank you guys that was very helpful and Important Information lovely
Hi Nick. Love you and love your pup even more!!!
😊 N.
Great video and very informative. Answered a lot of questions about the current mortgage market in Italy for non residents.
Thank you William. 🙏 😊 Nick.
Great explanation!!!!!
Thank you 🙏😊 N.
Italian coffee and pastry. Kill me now. Oh, and the information in the video was good too.
🙏 N.
Excellent info Thank you so much Nick and Marco! Answered lots of questions that I had in my mind for future projects! Might have to start a "portfolio" of properties LOL 😀🤩🤗
Thanks Marisa. ❤️ 🙏 Nick.
Bongourno! How generous of Nick to invite everyone to this lovely Italian cafe for literally- Free Advice. Very Cool! Admittedly, my favorite part of this is Macke 🐶 😂 Too cute!
Valuable resource though, Grazie mille!
Pleasure. Thank you Yasmin. ❤️ 🙏 Nick.
why even macchi is quite business like himself lol he's good p.r.! keep up the good work nick and friends :)
Thank you. 🙏 Nick. ❤️
Nick, you are very much appreciated 🙏
Bravo to you on all your efforts in make home buying in Italy lovely & achievable. You are an absolute DELIGHT to watch!
Dare I say that you could very well sell ice to Alaskans!! Lol
Btw, emailed 2 weeks in hopes of getting assistance on purchasing home, but have not heard back.
Should we just call the office instead? We're in the US.
Hi Carol, You are so kind. ❤️ As I’m writing this someone is replying to your email. 😊 Best wishes, Nick.
Great! Appreciate it 🙏
Kindest regards,
Carol
Great information 👍
The most important to tell the most of your (potential) clients is that, if you move to Italy, there is a loop hole to the extremely wealthy. Just pay €100,000 each year, regardless. Hope this helps someone on your channel 👍❤️
I’m dyslexic, so, I apologise how you’re reading me. 😂❤️
Italy is only for the super wealthy unless there’s cash.
Thanks. Yes, I know. It’s the flat tax incentive. Add €25,000 for your spouse. 😊 Appreciate your comment. Best wishes, Nick. 🙏
As an American I was surprised to hear age is a factor in determining eligibility for a mortgage. In the US this would be considered discriminatory. The ECOA (Equal Credit Opportunity Act) has been the law since 1974.
I agree Ramona. I think everyone’s situation is different. Best wishes, Nick. 🙏
Hi there- just to add: in France, they use your age and health and many people who buy in France have to take out life insurance so that there will be money to pay back the bank!
I don't know the details of that regulations but I doubt that it doesn't allow lenders to consider age for mortgages in some ways
@@paperinik69 , you would be wrong. Here's a link to the law. Please note the very first line. www.justice.gov/crt/equal-credit-opportunity-act-3
😂
Thanks. Do the banks allow a mortgaged property to be rented out? Or maybe they don't allow it officially but close an eye? How is rental income taxed? Can any other property tax be netted with the mortgage?
Very good questions. Could you email the office please and we will endeavour to answer your questions or direct you to someone who can. Best wishes, Nick.
Hey dear , I'm watching from beautiful Bangladesh.
I hope to visit one day soon. Hi from Tuscany. 🙏
Thank you for providing this information Nick. Do you know of any of your clients who have utilized using a Consulate for translating the documents needed?
Hi Joe, No, I don’t. You just need a certified translator. Best wishes, Nick.
Can you cover how the yearly taxes are assessed.
In the USA the yearly tax value of property is decided at the state level, some states annually reappraise the value of the property and other states it's fixed at last purchase price.
Can you cover inheritance tax for property (based on Italian citizenship) vs IT dual citizenship
thank you
Hi John, Yes, I know this. Property tax on ever house is different. There is NO property tax as a resident on your primary address, unless it’s deemed to be a luxury property. You will need to speak to an Italian tax advisor on inheritance tax as I’m not qualified to give advice and it would be wrong for me to do so here. Best wishes, Nick 🙏
Great information! Thanks! I have one question, I learned that banks provide mortgages but also some private credit agencies like "Affida". Is there any difference? Which one do you think is easier to get a loan pre-approval if you are not yet an Italian resident? Thank you so much again!
I would watch my other video with Marco about Mortgages in Italy. It really boils down to interest rates. I would recommend Intesa Sanpaolo. Hope this helps and sorry for the delay. Best wishes, Nick. 🙏
Ciao Nick, this video was perfect for me, I do not have a mortgage on my home anymore, I was going to look into a retirement visa. Does the Italian banks only want information on outstanding property loans, or are they looking at all debt, say car loans and credit cards as well. Looking at your debt-to-income ratio, I will sell my car before moving and I do not have high credit card debt, I was just wondering what exactly they look at. Thanks again Nick, Love from N.Y.
Hi Joni, Thank you for your kind message. I believe they will ask for all loans. Really, it’s about wealth management. Why don’t you reach out to Marco. I’m sure he will be happy to help. His email is in the description. Best wishes, Nick. 🙏 ❤️
Many thanks Nick, and Marco. It's so reassuring to hear it from the horses mouth.
Question: is there any scope to take out a renovation loan from an Italian bank (assuming that we have already bought a house outright for cash, have a codice fiscale, and evidence of a existent longstanding active monthly income)?
That’s a question for Marco. I expect if you’ve purchased the house you could apply for a loan using the property as security. Hope this helps. Marco’s details are in the description. Best wishes, Nick.
@@italianproperty thanks Nick. Have now emailed Marco.
Is there a negotiation space in the loan-to-value ratio? Is 90% LtV realistic? Does it depend on the value of the property?
Yes. 🙏
Do the tax returns need to be translated into Italian? Seems difficult
Yes, I expect it does. 😊 Nick.
@@italianproperty Thanks. I would hope that since each form is exactly the same someone would have created a translated template that only requires the specific number to be input. No point in recreating the wheel each time
So it might be better to get your loan from the bank in your own country. Pay cash for your property in Italy.
Potentially. Depends on your personal situation. Thank you for watching 🙏🙏
So don’t even think of retiring in Italy unless you can pay cash.
What about residents with a foreign income?
That’s not a problem.
Is there a minimum amount italian banks will typically finance?
Great question. Just had a meeting with my bank manager and they will now finance 80%. Going to do a video about this soon. Best wishes, Nick.
@@italianproperty thanks for the replay! In terms of loan amounts I've heard many banks don't want to lend if the mortgage is below $100k. So if I find a house for say $120k and put $60k down will it be hard to get a mortgage for the remaining $60k? Assuming my qualifications for the loan are fine
Hi Nick 🖐
Can Marco help me obtaining a mortgage in Italy? Im a EU citizen living and earning the United Kingdom. Is it realy 50% down payment that I need?
I’ll be happy to introduce you. 🤗🙏 Nick.
@@italianproperty that would be nice Nick. How can I contact him?
Just pay cash
Can Americans get a mortgage for buying in Italy?
Yes. Best wishes, Nick.
It sounds like the bots have begun to show up in the comments. 🙄
Thank you. I’m dealing with them quickly. ❤️ 🙏 Nick.