Have anyone taken a mortgage loan in at DR Bank?

Castle

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Sep 1, 2012
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I did once. Wifey kept the house after the divorce. I'll never do it again (loan or marriage).
 

gandolf50

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Apr 17, 2011
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I havent but my girl friend has. Actually it was quite easy and painless. But then she had a account at the bank for years.
 

arturo

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Mar 14, 2002
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maybe it's just me but, this thread seems odd to me

It seems strange to me that in all these responses to the original poster, not one person mentions interest rates or fees.


Scotiabank was advertising mortgage loans a few months back, try them.
 

dv8

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Sep 27, 2006
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i guess it's rare to take mortgage. people buy for cash using the savings and family that pools in. middle high class, i mean. others inherit. others build up or to the sides of existing properties (of parents, siblings) bit by bit until they are done. missing money may be taken on a loan from a bank or financiera but not a morgage as such.

in all my years here i have known only one person who admitted to taking a mortgage. and the girl works in a bank (BHD). we talked maybe two years back and she said her interest rate was 10%. did not ask any details. i'm curious now to read responses as well.
 

bob saunders

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Jan 1, 2002
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My wife's line of credit at BHD is 12% per annum, and my Canadian line of credit is 3.25 % so that gives you an idea of how expensive loans are in the DR.
 

Castle

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Sep 1, 2012
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I guess you want to know why I will never take another mortgage loan in DR...

The answer is simple: Interest rates are too high. It's doable when you take a small loan to say, buy a car. But I took a 2 million loan and ended up paying over 4 million in 5 years. Besides that, there are a lot of "hidden" costs that they don't care to mention at first. Right before I signed they told me I had to pay 150,000 pesos for "service fee" or something like that, which of course I didn't have so they added it to the credit total. A "life insurance" was mandatory (on the bank's terms, obviously) and the monthly payment for this insurance was also added to the monthly loan payment. Interest rates kept changing (always higher of course). At the end of the loan I had to pay "gastos de cierre" which was about 100,000 pesos. Scotia Bank, BTW, and it was the best deal I could find.
Lesson learned. I put a limit on the amount of money I can take a loan for in DR, and on the length too. For me is 500,000 to pay back in less tan 2 years, or nothing. Everything else is giving away easy money to the Banks.
 

mountainannie

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Dec 11, 2003
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The longest fixed interest rate I have ever seen advertised here is 9 years. Spoke to one guy, a journalist, who had taken out a mortgage and then the interest rate went up and he lost the apartment. Another woman, a foreigner, had a mortgage here a long time ago, in pesos, and in the end she said she felt like she was paying back pennies.

When you look at ads for building projects they will have a down payment of 10% then one year to come up with entire payment. Banks were advertising .. last time I looked 11% for 9 years...after that the rates can go anywhere.

9 years is about the longest that I have seen but I am not in the market.. these are only ads on billboards.
 

bochinche

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Jun 19, 2003
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I have taken out a few mortgages with both APAP and ALNAP, ranging from 10 to 15 years.
First one was the most difficult, lots of questions about income, work, etc. and a medical. That was about 20 years ago.

The latest one i have is for 10 years. It started off at 14%, but has come down to 13%. I have asked for it to be reduced again (it's standard to ask monthly, because they won't reduce it on their own volition).
Expenses include their legal fees, their insurances (life and fire).
For first timers, i think you can get mortgages as low as 9% at the moment.

I always pay on time and i believe that has now made it easy to apply and get another one. There doesn't seem to be a problem with how many on the go either.
Why would i do this?
I rent the properties out in US$ for much more than the monthly payments, without problems for 90% of the time. As a previous poster said, after a while it feels like you are paying pennies.

Of course, i could pay off the balances with any savings i have.....but, if i wish, i can use that money as a down payment on the next one instead.

If an earthquake hits, then i am in the shi*s....but also so will a lot more of us.
 

mountainannie

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Dec 11, 2003
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I have taken out a few mortgages with both APAP and ALNAP, ranging from 10 to 15 years.
First one was the most difficult, lots of questions about income, work, etc. and a medical. That was about 20 years ago.

The latest one i have is for 10 years. It started off at 14%, but has come down to 13%. I have asked for it to be reduced again (it's standard to ask monthly, because they won't reduce it on their own volition).
Expenses include their legal fees, their insurances (life and fire).
For first timers, i think you can get mortgages as low as 9% at the moment.

I always pay on time and i believe that has now made it easy to apply and get another one. There doesn't seem to be a problem with how many on the go either.
Why would i do this?
I rent the properties out in US$ for much more than the monthly payments, without problems for 90% of the time. As a previous poster said, after a while it feels like you are paying pennies.

Of course, i could pay off the balances with any savings i have.....but, if i wish, i can use that money as a down payment on the next one instead.

If an earthquake hits, then i am in the shi*s....but also so will a lot more of us.


May I ask if you have a cedula? Just because there may be outside investors who may be interested.

Very good information. Thanks for sharing.

Do you have to put 50% down or can you come in with 20%?
 
Sep 4, 2012
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I have taken out a few mortgages with both APAP and ALNAP, ranging from 10 to 15 years.
First one was the most difficult, lots of questions about income, work, etc. and a medical. That was about 20 years ago.

The latest one i have is for 10 years. It started off at 14%, but has come down to 13%. I have asked for it to be reduced again (it's standard to ask monthly, because they won't reduce it on their own volition).
Expenses include their legal fees, their insurances (life and fire).
For first timers, i think you can get mortgages as low as 9% at the moment.

I always pay on time and i believe that has now made it easy to apply and get another one. There doesn't seem to be a problem with how many on the go either.
Why would i do this?
I rent the properties out in US$ for much more than the monthly payments, without problems for 90% of the time. As a previous poster said, after a while it feels like you are paying pennies.

Of course, i could pay off the balances with any savings i have.....but, if i wish, i can use that money as a down payment on the next one instead.

If an earthquake hits, then i am in the shi*s....but also so will a lot more of us.

So this is doable for foreigners or is there a Dominican rate and then a Foreigner rate?