Mortgage on a Home in the DR but live in the US

rms171

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Jun 28, 2013
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Will a commercial bank such as Banreservas in the DR write a mortgage for a home in the country if the loan obligor lives and pays the funds from the USA? I am not a citizen of the DR or the like. I have a specific reason for asking the question, please table the snarky comments or the "you're better if doing unless this is something I can do from the states and doesn't involve a userero.

I thank you in advance.

Michael


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chic

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Nov 20, 2013
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why not as long as there is money somewhere....not only job my friends have a loan big down payment one dom. and one u.s. i think they have other garantors...
 

windeguy

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Jul 10, 2004
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Possible, yes. Perhaps difficult to prove you are credit worthy.

Begs the question does the DR use credit scores from the US credit agencies to make such a decision.
 

Contango

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Dec 27, 2010
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Will a commercial bank such as Banreservas in the DR write a mortgage for a home in the country if the loan obligor lives and pays the funds from the USA? I am not a citizen of the DR or the like. I have a specific reason for asking the question, please table the snarky comments or the "you're better if doing unless this is something I can do from the states and doesn't involve a userero.

I thank you in advance.

Michael


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The answer is depends( not in the diapers sense).. Obviously you realize you are much better off using a fixed line of credit against your "existing home" in the USA, for a much LOWER interest rate.

NO DR Bank is going to write you a loan unless you have Solid Established Credit in the USA against a purchase in the DR, and that is in the form of tangible fixed assets.. Paying your USA credit card on time monthly does not qualify you for a loan in the DR... Having said that it won't hurt to try and this way you can find out what you need to do..
 

bob saunders

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Jan 1, 2002
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dr1.com
Possible, yes. Perhaps difficult to prove you are credit worthy.

Begs the question does the DR use credit scores from the US credit agencies to make such a decision.

I was told that they don't, however I just got both a loan and a CC here with a 210,000 peso limit. I have no income here, officially, other than my bank transfers from Canada so I'm not sure what they used for credit scores. I have a very excellent and high credit rating in Canada.
My previous CC here was attached to my wife's.
 

william webster

Platinum
Jan 16, 2009
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questions like this can rarely be answered 'definitively'.... w/ a rock solid 'yes' or 'no'

you really need to go and apply...
and apply to as many banks as you can until you succeed or fail.

Banking seems to be fluid in RD..... from bank to bank , from branch to branch and from day to day.

sorry...
 

hammerdown

Bronze
Apr 29, 2005
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There are banks, Popular, Scotia, Reserves that do mortgages. Its quite difficult to obtain a mortgage here. I know of some people that had to jump through a lot of hoops and it took nearly 6 months to get an answer, and some, even after that time, had the bank was still asking for more papers.
Also they will do the mortgage with 30% down and up to 20 yrs to amortize (they may have extended this lately).
Now the kicker is...........11 to 14%.........yes they have the law firm "DoWe, Gouge'em, and How" working for them.

Like Contango said, way better to use a line of credit on your existing home than to get a mortgage here.

To answer your question, yes they are available.......good luck, let us know how your were treated and your experience.
 

Cocoa6705

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Apr 22, 2014
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Speaking from actual experience, yes you can get a loan on a home in the DR with a bank there even though you live in US.

I got a mortgage with Scotiabank in 2012. Admittedly, it was not the easiest thing, and there was a lot of paperwork request -- sometimes duplicate requests for previously provided info. To be honest, I've very rarely had a 'smooth' mortgage transaction even here in the States.

Go into it knowing you will need to provide lots of info and be very patient, but in the end it will work out.

Guidelines for Scotia were similar for the purchase as they are in US. Maybe a few more tax docs and income docs. As for the interest rate, they are slightly higher. I got a 6% rate in 2012 and it's a 3 yr. arm. It will max out at 8% this year. As for creditworthyness, I have a FICO of 750+
 

rms171

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Jun 28, 2013
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Windeguy. Just curious on the difficult to prove credit worthy. How would proof if living in the DR be different. Assets and proof of income are verifiable either way. Is there something I should know that would make this a challenge there?


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rms171

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Jun 28, 2013
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I guess reading all the posts have crystallized it for me. Thanks all.


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Sep 4, 2012
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Possible, yes. Perhaps difficult to prove you are credit worthy.

Begs the question does the DR use credit scores from the US credit agencies to make such a decision.

No difficult at all, they do use US FICO scores and credit files from the bureau's. Furthermore, income is verified with pay stubs and US taxes records.
 
Last edited:
Sep 4, 2012
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I was told that they don't, however I just got both a loan and a CC here with a 210,000 peso limit. I have no income here, officially, other than my bank transfers from Canada so I'm not sure what they used for credit scores. I have a very excellent and high credit rating in Canada.
My previous CC here was attached to my wife's.
FICO and Canadian established credit in your case likely the reason.

"There are known knows, there are unknown known but there are also unknown unknown and known unknown."
 

malko

Campesino !! :)
Jan 12, 2013
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Am I the only one that wonders if a mortgage of a dr bank is a bit risky????

I would trust them as far I as can throw them........
 

william webster

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Jan 16, 2009
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No difficult at all, they do use US FICO scores and credit files from the bureau's. Furthermore, income is verified with pay stubs and US taxes records.

I can tell you this..... with certainty

when I entered the USA, my Cdn credit was worth ... ZERO.,. non transferable

whether RD will accept foreign credit status is the question

knock on doors and see who answers the call.

My million pesos....
 
Sep 4, 2012
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And I can tell you with the same certainty that credit in Europe or USA is valid and checked for mortgages application from foreigners from either, and DR banks do use and accept these records to measure credit worthiness to approve loan or not.