Loans for home purchasing

ecibjkub

New member
Jan 26, 2008
10
0
0
I am looking to buy an apartment in Santo Domingo and am looking to find the best financing option. Since the interest rates offered by local banks like Banco Popular and others tend to be extremely high, I'd like to know if anyone has had experience financing a mortage with a U.S. bank.

Are there other ways to take advantage of a lower interest rate? I have seen some information on the internet but, it's hard to tell whether or not they are scams or credible financial institutions.

I'd appreciate any insight you can provide. Thanks.
 

Musicqueen

Miami Nice!
Jan 31, 2002
2,252
4
0
Wow...this is GREAT...we're looking for exactly the same information...

SO, does ANYONE have any advice for us?

Pretty please??? ;)
 

DavidZ

Silver
Aug 29, 2005
3,512
238
63
www.vipcigartours.com
The rates from the Local banks are not all that high when borrowing in US Dollars, around 7 to 9 % for 5-20 years. It's higher than the US but not that bad considering... Borrowing in pesos is another story (16% and up). There are currently no US banks doing standard mortgage loans for properties outside the US. You're best option is with a home equity line or re-fi on property in the US (can be as low as prime minus 1 point).