Canadian dollars exchange issues-Looking for suggestions

P

paradise07

New member
Jan 6, 2007
241
2
0
Here is my dilemma....Looking for ALL the help possible:

After living in Punta Cana for more than 1 year.....my parents and I finally decided to buy a condo for 130 000 USD. We gave 30 000 as a down payment in July, when the Canadian dollar and the US dollar were pretty much at par.

NOW....the rates have dropped drastically and the balance due is 100 000USD, will actually cost 123000 Canadian dollars.....Which changes the whole picture...I think the best solution may be to take out a loan in US dollars now, but no Canadian bank will do a US mortgage, so our only option is to take out a local loan with BHD OR Banco Popular....

Does anyone else have ANY advice.....PLEASE !!!!
 
L

La Mariposa

Bronze
Jun 4, 2004
1,843
60
0
paradise07 said:
Here is my dilemma....Looking for ALL the help possible:

After living in Punta Cana for more than 1 year.....my parents and I finally decided to buy a condo for 130 000 USD. We gave 30 000 as a down payment in July, when the Canadian dollar and the US dollar were pretty much at par.

NOW....the rates have dropped drastically and the balance due is 100 000USD, will actually cost 123000 Canadian dollars.....Which changes the whole picture...I think the best solution may be to take out a loan in US dollars now, but no Canadian bank will do a US mortgage, so our only option is to take out a local loan with BHD OR Banco Popular....

Does anyone else have ANY advice.....PLEASE !!!!
Click to expand...

Depending for how long you need the mortgage, at the % of interest the dominican banks charge maybe it's going to cost you the same 123 000$ Cdn if not more.
 
P

paradise07

New member
Jan 6, 2007
241
2
0
Not really...

Actually I ran the numbers on a mtg calculator...The BHD is offering 8.5% for a 15 year term for 101k and the RBC bank is offering 5.4% for 123000$ for 20 years.....

The canadian mortgage comes out more costly, dollar for dollar.....Plus finding an extra 23K right now is a little tough on our budget....
 
L

La Mariposa

Bronze
Jun 4, 2004
1,843
60
0
paradise07 said:
Actually I ran the numbers on a mtg calculator...The BHD is offering 8.5% for a 15 year term for 101k and the RBC bank is offering 5.4% for 123000$ for 20 years.....

The canadian mortgage comes out more costly, dollar for dollar.....Plus finding an extra 23K right now is a little tough on our budget....
Click to expand...

But usually in the D.R. the interest is always on the initial capital and it's monthly interest but it could have changed. Well I hope so for you.
 
M

Malibook

Bronze
Jan 23, 2002
1,951
167
0
www.yourtraveltickets.com
Ouch!!:surprised

I keep waiting for the Loonie to bounce a bit before I buy some US$ but it just seems to crash more every day.:ermm:

The only consolation I can think of is that at least we are still paying significantly less than the $1.60 we paid several years ago.:tired:
 
You must log in or register to reply here.
Top Bottom