Home buying loans

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Santiagoguy

New member
Apr 21, 2009
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Hello,

I am a Canadian living and working in the DR.
I am currently living in a rented home in Santiago and have paid the rent up front for a full year in advance. My year is up in July. I am currently working at a recognized company in the city and have 2 bank accounts in the country ( well one is at a cooperativa - San Jose)

My question is, after thinking about it for a while with my fiance, we think it would make alot more sense to look for our own home after our year is up this July rather than keep renting. How difficult is it for a Canadian to get a loan on a home here.What I have is a valid passport, a steady job ( letters can be obtained from work). and some savings in a cooperativo in the country.

Is it a difficult process to get approved here and what kind of interest rates are offered for home loans in the country?

Any info on any of these questions i have would greatly be appreciated,

Thanks in advance,

Adrian
 
F

FireGuy

Rest in peace Amigo!
Aug 21, 2002
2,516
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www.polaris-fs.com
FYI, right now interest rates in Canada on mortgages run in the 2.5% - 7% range depending on a variety of factors...

You're going to love the answers you receive; make sure you understand fully if the interest rate is in % per annum or per month - LOL.

Gregg
 
S

Santiagoguy

New member
Apr 21, 2009
125
6
0
Thanks for the reply FireGuy, only problem is, Im not asking about interest rates in Canada.
Im not in Canada, I wont be in Canada anytime soon, so I really dont need any info on Canadian interest rates and theres no need to compare countries. If I wanted info on Candian interest rate %'s maybe I would've gone on CDN1.com or something?..LOL

Now anyone have any info for me regarding the DR's home financing market?:)
 
M

Matilda

RIP Lindsay
Sep 13, 2006
5,485
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You can get a loan here. They will need info from Canada re taxes etc, plus bank details, employment details. The interest rates are higher than in Canada, and be warned, if you miss a payment the penalties are massive. They will keep your title deeds until the loan is paid off - but the payment terms are flexible in that you can pay them off early, and quite flexible too in terms of how long you want the loan for.

Also be warned that they will insist on life assurance and full insurance for the property which can bump up the monthly payments quite a lot.

If you go onto the Banco Popular website

Popular en l?nea

they have a little home loan calculator which might help.

The easiest thing to do is to go into each of the main banks and ask for the application forms which will tell you what you need. As well as information from you they will obviously need details of the property you want to buy, and you will have to pay for a valuation survey.

Hope this helps.

Matilda
 
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