The house I am renting is spectacular (at least to me) and I want it!!!
I'm nervous and scared about loans in DR, can someone else who has been through it let me know how it was and what are the most important questions to ask?
My house costs 6.5million RD
They say I can put 500,000 RD deposito
Finance for 30 years
10.5% interest the first year, subsequent years depend
Payment $1500 US per month
I could pay it off quicker by paying an extra $1500 per month towards capital only
I said that I did not trust the interest fluctuating every year, they say that they will "cortizarme" for a set interest rate for 5 years. But after that??
Plus, if there is a math wiz that can figure out how much I would need to pay monthly on the capital to pay it off in 10 years, I would appreciate that info also.
What should I be looking out for?
Or should I not buy it at all?
SHALENA
I'm nervous and scared about loans in DR, can someone else who has been through it let me know how it was and what are the most important questions to ask?
My house costs 6.5million RD
They say I can put 500,000 RD deposito
Finance for 30 years
10.5% interest the first year, subsequent years depend
Payment $1500 US per month
I could pay it off quicker by paying an extra $1500 per month towards capital only
I said that I did not trust the interest fluctuating every year, they say that they will "cortizarme" for a set interest rate for 5 years. But after that??
Plus, if there is a math wiz that can figure out how much I would need to pay monthly on the capital to pay it off in 10 years, I would appreciate that info also.
What should I be looking out for?
Or should I not buy it at all?
SHALENA