My huband and I are planning to buy a house this December somewhere between POP and Cabarete. We have saved a large portion of the expected purchase price and are wondering if anyone has ever taken out a mortgage or loan in Canada to buy property in the DR. I have called a few banks but they do not give mortgages for land outside of Canada.
I would love to hear if any Canadians living in Canada have ever been able to obtain a mortgage in Canada for property in the DR? We will likelly only need about $35,000.00 (in addition to our money that we have saved) and will pay it off within a year to a year and a half so a short-term loan may also be a possibility?
If we can't obtain a mortgage in Canada, we will save for another year and pay the full amount in cash because from what I have read in the RE section of this board, it is hard to obtain a mortgage in the DR for a decent rate of interest. Is that true?
I would love to hear if any Canadians living in Canada have ever been able to obtain a mortgage in Canada for property in the DR? We will likelly only need about $35,000.00 (in addition to our money that we have saved) and will pay it off within a year to a year and a half so a short-term loan may also be a possibility?
If we can't obtain a mortgage in Canada, we will save for another year and pay the full amount in cash because from what I have read in the RE section of this board, it is hard to obtain a mortgage in the DR for a decent rate of interest. Is that true?