- Thread starter Wanna
- Start date
Purchasing an apartment.
That my friend is a no brainer. do the financing in the us....unless you intend to buy it in dominican pesos, and pay it off quickly, otherwise.... usa all the way.
I doubt a US bank will give you a mortgage on a property in the DR. Are you taking a first or second mortgage on a property in the US or a home equity loan? I believe interest rates in the DR are between 6-8% for a loan on real estate. The term on the loan might be shorter.
LTSteve
LTSteve
If you can get a Home Equity Loan in the US, that's the way to go, very low interest in comparison to the DR. When we wanted to buy a building in Atlantic City for our business back in the 90s, commercial mortgages were about 12-15%, so we took a Home Equity Line of Credit, which was about 5-6% at the time. Mortgage rates in DR are very, very high.
It's a gamble, unless you have some inside info.
A loan in the US will of course be in dollars. A loan in DR will of course be in pesos. If the exchange rate remains stable, the lower interest loan is better. If the dollar exchange rate climbs too much, then a loan in pesos will be better.
A loan in the US will of course be in dollars. A loan in DR will of course be in pesos. If the exchange rate remains stable, the lower interest loan is better. If the dollar exchange rate climbs too much, then a loan in pesos will be better.
Good point. We took a mortgage on a property in Santo Domingo when the peso was 32. Costs us a lot less dollars now with 42.
minor point about Scotia Bank
This is borderline nitpicking but Scotia Bank is Canadian.
This is borderline nitpicking but Scotia Bank is Canadian.
Yes it is a Canadian bank. However if you are from the U.S, they will loan you any amount. You of course must have the means and documentation to show your credit worthiness.
It is not the same Scotia Bank as in Canada! Major troubles from me being a Canadian trying to get a Scotia Bank account here!
