Scotia Bank Mortgage? Any one

GioMed

New member
Oct 6, 2011
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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
 

arturo

Bronze
Mar 14, 2002
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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.


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
 

arturo

Bronze
Mar 14, 2002
1,336
97
48
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
 

mountainannie

Platinum
Dec 11, 2003
16,350
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elizabetheames.blogspot.com
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/ec...ure-lowers-credit-card-rates-ups-transparency Car loans are down to 8.90%.. and yes, Mortgage rates at 9 to 13% Tasas bajas llevan RD a para?so 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.
 

william webster

Platinum
Jan 16, 2009
30,247
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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
 

Serge1960

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Apr 2, 2014
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Hello Gio,
My wife & I started the mortgage process back in the end of December 2013 with Scotia Bank -Cabarete Branch , it went until late Feb with the bank still asking for more & more doc's, even though I was very precise in providing all of the doc's that they needed up front. Had a sit down meeting on March 1, when I asked the interest rate I was would or should be 6-3/4% at 25 years. we terminated the process when the property order decided to self finance with a good amount down. Hope this helped you. Serge
 

Criss Colon

Platinum
Jan 2, 2002
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6&3/4% for 25 years, NO WAY JOSE!!!!!
NEVER here in the DR!
If you can't pay the entire purchase price in cash, you can't afford to buy.
Rent,Rent,Rent, and then Rent some more!
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GioMed

New member
Oct 6, 2011
226
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Hello Gio,
My wife & I started the mortgage process back in the end of December 2013 with Scotia Bank -Cabarete Branch , it went until late Feb with the bank still asking for more & more doc's, even though I was very precise in providing all of the doc's that they needed up front. Had a sit down meeting on March 1, when I asked the interest rate I was would or should be 6-3/4% at 25 years. we terminated the process when the property order decided to self finance with a good amount down. Hope this helped you. Serge

Thanks Serge..I see it might be a long/tedious process.

My dilemma is..I need some CASH(30k) for a business venture in DR..What I have is a house
that we(family) have and figured I would get a mortgage loan based on that. I'm thinking
maybe we should sell it to a relative(same family)it might be a "speedier" process.
 

SKing

Silver
Nov 22, 2007
3,750
183
63
Hello Gio,
My wife & I started the mortgage process back in the end of December 2013 with Scotia Bank -Cabarete Branch , it went until late Feb with the bank still asking for more & more doc's, even though I was very precise in providing all of the doc's that they needed up front. Had a sit down meeting on March 1, when I asked the interest rate I was would or should be 6-3/4% at 25 years. we terminated the process when the property order decided to self finance with a good amount down. Hope this helped you. Serge

6&3/4????? I don't believe that for a second. I'd have to see that in writing. No sir.

SHALENA
 

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
There is no such thing as borrowing money in the DR unless you are a drug criminal, a fool or
 

malko

Campesino !! :)
Jan 12, 2013
5,545
1,327
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Mortgage ure house dor 30k ????? Big no no especially in the dr. They will find a way to throw u out.

Why dont u try a credit place that is not a bank??? Quite a few on calle del sol in santiago......
Used one years ago ( once and only time, I hate credits/mortgage and associated ).
Any way my wife wnt throigh the process ( without telling me, of course ). So it cant be complicated. To be fair it IS her pickup, so........

For the sake of me cannot remember the rate, except more than my french bank, but nothing outrageous........

I was astonished by how simple it was ( just leave car papers, they give u a copy saying the original is with them ) and also on the amounts they would lend u!!!!! We didnt need much, but they proposed much more.....

And it was a very nice, plush, building. When I went to pick up original car papers (that my wife had forgotten about ), was proposed coffee and juice.......
 

Criss Colon

Platinum
Jan 2, 2002
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You may THINK you understand the loan documents here, but you most likely won't/don't!
Many people have been UN pleasantly surprised when the rate they thought they signed for, turned out not to be the final rate.
"What the BIG PRINT giveth, the small print taketh away"!
Same goes for savings accounts,and "CD's"!
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