- Thread starter dtronx
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International Mortgage
To buy offshore with a mortgage in the states is something that might work out very expensive in the current climate unless you have a good security for them.
Like I said before if you can raise cash buy using assets in the states then you can buy here for cash.....would not recommend you rely on getting a local mortgage here.
Skippy1
Like I said before if you can raise cash buy using assets in the states then you can buy here for cash.....would not recommend you rely on getting a local mortgage here.
Skippy1
Get a couple of credit cards, push the limits up really high and then take out a balance transfer. You could probably get $100k that way. If you're not sharp its a risky strategy though, you'd need to really stay on top of the interest rates and aim to pay it off within 2 years, not a typical 30 year loan timeframe.
I did this for about $25k a few years ago and it worked out great and was an extremely cheap loan.
I did this for about $25k a few years ago and it worked out great and was an extremely cheap loan.
You can get a mortgage here in the DR, to buy a house there are several banks in DR that now provide mortgages for non-Dominican residence in Santo Domingo you may be able to find a morgage broker just like in the us that be able to help you or you may try Banco Popular or Scotia Bank in the area that you want to buy.
My credit score is good it's not too bad 700-715 so i know i shouldn't have a problem with a mortgage just where to get it so I don't get hammered with high rates is the question.
Don't worry here in DR, they are NOT going to go off your score, they have their OWN way to grade borrowers; and YES you will be paying a pretty high rate compare to what you pay in your primary home in North America.
I do not agree that you cannot get a mortgage from a US bank for a D.R. house. We arranged our mortgage in Canada using the equity on our house here. It was enough to finance our house there and we were not even asked what it was for. So you never know until you ask or try.
:bunny::bunny:
:bunny::bunny:
I do not agree that you cannot get a mortgage from a US bank for a D.R. house. We arranged our mortgage in Canada using the equity on our house here. It was enough to finance our house there and we were not even asked what it was for. So you never know until you ask or try.
That has already been suggested in this thread. You have to have equity in the country you are taking the loan as you did. This is not what the OP is asking for.
Wasn't there a poster called JRR (or something like that) who organised mortgages for people? Maybe worth PMing him. All the main DR banks do mortgages too. For example according to Banco Popular's website their interest rate is 14.95% per annum for a loan period of 180 months (15 years):
Popularenlinea.com, Venta de Inmuebles
Popularenlinea.com, Venta de Inmuebles
What would be a pretty prime rate? If you could give me an example.
Your rate maybe around 10% - 15%, banks here will require to see your last 3 months bank statements, copies of your income taxes, and a letter from your current bank.
The process to have the loan approve and close takes about 2 to 3 months.
First, don't mortgage yourself to buy in the DR. R/E in the DR is in its development stages, however the country still carries a high risk premium.
Second, the secondary market in real estate here in the DR is not what one would equate to the USA/developed markets- rarely are the original property owners rewarded to the extent they had planned based on the assumed country risk;
Second, the secondary market in real estate here in the DR is not what one would equate to the USA/developed markets- rarely are the original property owners rewarded to the extent they had planned based on the assumed country risk;
Well I'm a mortgage broker in Florida that does international financing. What I advise my client to do first is if they have equity in there home to take the money out of the equity they have to purchase there vacation home cash. Especially now since interest rates on home equity lines have decreased. Plus all the interest that you pay on your home equity is tax deductible. If you don't have enough equity to purchase a home then you can get financed by a US bank. Of course you will have to put down 30% to purchase the home. There are financing option out there, there are a couple of banks that do international financing, it has gotten more difficult to find these banks, because of the current problems we are having here in the US. One of the banks that I was using went out of business 2 months ago. Well if any of you have any question in regards to international financing feel free to ask.