The fact that you keep calling out Bob on his information implying it is incorrect.
Bob has yet to post any numbers related to what he claimed as true facts as far as:
Mortgages Interest Rates
Rates Fixed for longer than 2 to 3 years.
Current mortgage rates in the DR ARE BETWEEN 5.95 -7%
This is what Bob posted and exactly what I asked him about, he has yet to post nothing straight from a DR bank backing his claims?
You have more or less the same options as north America. You can lock in for 3 years, 5 years, or even 15 years.
The above is his response after my question towards fixed rates longer than a year at the interest he claimed above
In fact, I challenge you too, please post any information from a Dominican bank offering anything among the rates Bob claimed (5.95%-7%) and to make even better, post anything interest wise which is offered fixed longer than 2 to 3 years.
I'll sign that contract
Borrowing money should be reserved for investment purposes and using it to make more money.
right away in front of you. Seriously!
Thought you might like to add to the conversation instead of just being a critic.
I've asked specific question because I am, and have been in the process of collecting information with the possibilities of getting a local mortgage, if the conditions are favorable to me.
Also thought I would help you expand your vocab a bit.
"Dope" has not place for my use, and won't be in my vocabulary. Thanks for the offer anyway
I still think if a person is buying a property for personal use they should pay cash.
Very stupid advise if the purchase ought to be made in the USA.
Very stupid advise if the purchase ought to be in the DR and the person obtaining the mortgage is able to obtain good rates, and make the "cash" work for him/her at higher rates than the one paid in the loan. Easy to do in this country.
That is just finance 101.
Don't believe me?
Ask any investor.