When we first began thinking of buying land in Japan, we knew from previous experience in New York City that speaking with a bank regarding our eligibility for a mortgage was the first step. We had learned that just because you could afford a loan (in your own mind) that the banks have the final say.
We visited and talked with many banks. Most said that they could not offer us a loan because we had not lived in Japan long enough and that a foreigners salary in Japan does not count towards earnings.
But a couple of banks were confident that we could qualify for a loan and so we applied. Since Yoko is self employed and I'm an American Citizen there were some challenges. Luckily Yoko had the perseverance to take on the task of learning the various types of loans available in Japan.
At this point we had to seriously think about how much we could spend and how we would be able to afford our house and still build something that we could be excited about with quality construction and materials.
Up until the groundbreaking for the land, we still had not locked in our loan...we will keep you posted on our final decision.
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