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Thread: property search

  1. #1
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    Default property search

    We are looking to purchase a foreign property and will require financing. Being from Canada we can not get financing for foreign properties through our banks. Is there anywhere that will give financing to canadians to purchase a property close to the beach in a safe area?

    Please respond asap with

  2. #2
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    What exactly are you asking?

  3. #3
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    Wud, I think he means Canadian banks will not lend money to purchase in DR - I presume he's asking for financing info in DR.




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  5. #4
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    What area are you looking to buy? Owner financing is an option.

  6. #5
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    Option #1, Rent for a while, take out a home equity loan and/or a personal loan in Canada and purchase

    Option #2, Rent for a while, open a bank account in the DR, establish credit, get a mortgage with a lot down and high interest

    Option #3, Rent for a while, find a property with an owner who is willing to do a rent to own program, get a GOOD lawyer

  7. #6
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    All options include renting for 6 months before you buy anything.

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  9. #7
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    Option #4. Rent, and keep renting, save yourself the pain of not being able to sell in a few years as your dreams and goals in life, and experiences here change what it is exactly you are looking for. Renting here is cheap, I do not see the attraction in buying in a place so randomly changing year after year.

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  11. #8
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    Quote Originally Posted by cwillfong View Post
    We are looking to purchase a foreign property and will require financing. Being from Canada we can not get financing for foreign properties through our banks. Is there anywhere that will give financing to canadians to purchase a property close to the beach in a safe area?

    Please respond asap with
    If you are not going to relocate to the DR or use the apartment for a least 6 months of the year than don't buy. Where are you looking? Yes you can get a mortgage in the DR as long as you have the income and assets in Canada to make the payments. Are you looking with the assistance of a realtor? If you still want to buy he can probably steer you to a couple banks. Banco Popular or Scotia Bank may be options. Before I went that route I would consider borrowing against a home you may own in Canada. Can you get a home equity loan or 1st or 2nd mortgage. In the DR you will pay about 8% interest. I am not sure exactly what the term is. You have to be concerned, when buying, the security aspect of the property. If this is a free standing home and you are not there then that opens up a can of worms. If you are buying in a condo complex you will have to pay monthly maintenance fees. Where exactly are you looking? That means a great deal in the DR. Good luck

  12. #9
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    Canadian Bank Scotiabank DR is here and will lend upwards of 20 years with 30% down if you purchase in a tourist region. You need to have great credit in Canada and show ability to meet the loan obligation. The rates will be between 8% and 10% and yes they will fix them for you. That said, I agree with LTSteve, rent first to be certain you like it here and like the area you move to. Good luck

  13. #10
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    Your other option if you own a house in Canada and have a large equity in it, take out a secured line of credit against the equity on your property in Canada - your interest rate will be prime or close to instead of the 11-12% you'll get here.

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