Mortgage Financing

wicken · Nov 18, 2008

I presently have a mortgage on a house in Santiago and have been advised that the rate has now been increased to a "mere" 18%. This is with BanReservas.
Does anyone know of a better alternative (other than selling)? There have never been any late payments or problems of any kind in the 2 years I have had the loan and there is lots of equity in the house.
Thanks.

Castellamonte · Nov 18, 2008

Are you a US, UK or Canadian citizen with assets in those countries?

wicken · Nov 18, 2008

I am both a UK and Canadian citizen, resident in Canada (also have Dominican residency) with the majority of my assets in Canada. My main income is earned in Canada.

Castellamonte · Nov 19, 2008

wicken said:
I am both a UK and Canadian citizen, resident in Canada (also have Dominican residency) with the majority of my assets in Canada. My main income is earned in Canada.

You can get a mortgage at a more "normal rate" through Deutsche Bank. They are doing mortgages in the DR. They used to wholesale them (through local brokers) but have recently decided to do them all themselves.

PM me and I'll send you contact info. Can't hurt to look into it.

mido · Nov 19, 2008

Castellamonte said:
You can get a mortgage at a more "normal rate" through Deutsche Bank. They are doing mortgages in the DR. They used to wholesale them (through local brokers) but have recently decided to do them all themselves.

PM me and I'll send you contact info. Can't hurt to look into it.

When you say local brokers, are you talking about Mortgage IT?
Do you really talk directly to Deutsche Bank now?

Castellamonte · Nov 19, 2008

mido said:
When you say local brokers, are you talking about Mortgage IT?
Do you really talk directly to Deutsche Bank now?

Yes, in New York.

MortgageIT stopped the wholesale broker business here in the DR for...ummm...economic reasons (...yeah, that's it!...

). Anyhow, they continue to provide their products but only on a retail basis (e.g. direct to the buyer). At least that is my understanding...

rendul · Nov 20, 2008

I'm just curious. Why didn't you get your mortgage in Canada? If, as you say, your assets and income are iin Canada, you should have no problem getting a mortgage in Canada at a reasonable interest rate. We weren't even asked what we wanted to do with the money. We told them how much we needed and they handed it over - no problems.

wicken · Nov 24, 2008

rendul said:
I'm just curious. Why didn't you get your mortgage in Canada? If, as you say, your assets and income are iin Canada, you should have no problem getting a mortgage in Canada at a reasonable interest rate. We weren't even asked what we wanted to do with the money. We told them how much we needed and they handed it over - no problems.

First off, thanks for all the replies and help, especially from Castellamonte, who has assisted me greatly.

In answer to your question - purely personal reasons - my wife and I prefer to keep our DR assets seperately from our Canadian assets. Also, couldn't get a "no questions asked" loan up here!
I will let you know what happens.

DavidZ · Nov 25, 2008

If you speak to Deutsche Bank, or any other non-DR Bank, please let us know how it goes. Foreign funded Non-foreign equity-based mortgages are like the "Holy Grail" of financing here.

It's my understanding no Foreign bank is actually closing standard consumer loans in the DR at this point. Some are (or were, before the "meltdown") talking about it, but only linked to specific projects.

Castellamonte · Nov 25, 2008

wicken said:
First off, thanks for all the replies and help, especially from Castellamonte, who has assisted me greatly.

In answer to your question - purely personal reasons - my wife and I prefer to keep our DR assets seperately from our Canadian assets. Also, couldn't get a "no questions asked" loan up here!
I will let you know what happens.

Thank you for the kudos but what little assistance I was able to provide pales in comparison to how much the board has helped me in years gone by. But thank you.

The loans offered by DB do not attach to any US, CA or UK property. They require you to have assets equal to the value of what you are buying. But they do not place a lien on them. Basically I think they want to be sure you are solvent and have assets.

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