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  1. #1
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    Default Scotia Bank Mortgage? Any one

    I just called Scotia bank to inquire about mortgage loans..requirements and so forth.
    The answer I got was 13.25% does that sound about right? I thought it was way too
    low..when by most accounts the rates in DR are 21-25%.. can anyone shine some light
    on this for me..I would appreciate it..Thanks

  2. #2
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    Default

    They have the option for a dollar loan which would have a lower APR.

  3. #3
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    Default

    :-/ it's Greek to me

  4. #4
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    May be a "Teaser Rate".
    I'm sure it's for a short term only, "Variable Rate" to follow!
    CCCCCCCCCCCCCCCCCCCCCCC

  5. #5
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    Variable rate may kick-in after a year..or a specified time..true..true

  6. #6
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    Default

    Or maybe it was a monthly rate......

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  8. #7
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    Default find another way to finance

    There are no reasonable rates available locally. If you own anything offshore, you will get a more realistic deal via a second or even third mortgage on that property. You could also make a home equity deal, if you have any home equity. If none of those options are feasible, my recommendation is to rent rather than funnel high rate loan service payments into something that may not retain its value. The normal caveats about how long you intend to own the property and how confident you can be with the title history apply.


    Quote Originally Posted by GioMed View Post
    I just called Scotia bank to inquire about mortgage loans..requirements and so forth.
    The answer I got was 13.25% does that sound about right? I thought it was way too
    low..when by most accounts the rates in DR are 21-25%.. can anyone shine some light
    on this for me..I would appreciate it..Thanks

  9. Likes kampinge, frank12, DRob liked this post
  10. #8
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    Whenever I see adverts for credit cards with monthly interest rates that look like annual rates for Europe or North America I involuntarily shake my head in disbelief, even though I know it's true

  11. Likes Criss Colon, kampinge liked this post
  12. #9
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    Default

    No, I have heard from a Dominican friend who is looking that he was offered a 9% fixed rate for 10 years which is almost becoming a reasonable rate.. So I would check around on the 13 % rate and see your options. Is this a bank which has seen your financials?

    There is a huge difference between a credit card rate, which is unsecured loan. a car loan, which is a secured loan on a depreciating asset, and a mortgage, which is a secured loan on an appreciating asset.

    Credit card rates run in the 80% per year rate http://www.dominicantoday.com/dr/eco...s-transparency Car loans are down to 8.90%.. and yes, Mortgage rates at 9 to 13% Tasas bajas llevan RD a paraíso de financiamiento

    However, you need to focus on how many years that fixed rate is for, and what would happen if the rate goes up at that end of that pariod. Can you get a cap on how many points your note will rise? IE if you can afford the 13% o9% that they are offere, can they guarantee you a 3% cap for the next 5 years? or two or what?

    It would be foolish to sign a note, pay it down for five years, only to have the rate rise by tive points and have the bank take over your house.

  13. #10
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    back in the 70's many Cdns had a hard time.

    Mortgage rates renew on a 5 yr basis - 30 yr term, 5 yr renewable.

    in the 70's rates spiked to 19% +/-..... mortgage interest doubled for some..... untenable for many

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