Can anyone recommend a loan or mortgage officer. I'm would like to get a rough estimate of how much house we could purchase and keep our morgage payments under $1000USD. We have excellent credit with very low debt to income, and i am a dominican citizen.
- Thread starter LosSantanas954
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mortgage estimate
Get your loan in the US if possible. We bought pre-pandemic when all rates were lower. Used equity in our US home as collateral. Sat down with the GM of Cooperativa San Jose here in Sajoma and he couldn't come close to US rates. I don't know if local banks would have had better rates or if other conditions have changed but my guess would be that interest and terms would be better in the US if you are eligible. Farmer
I know someone who is applying for a mortgage here at the moment with Banco Popular. The rate for a US dollar mortgage is 9.5% negotiable (which isn't all that much higher than the US), they can do the mortgage over a 20 year period and 80% loan to value. Based on this you could get a home for US$ 134,000, make a downpayment of US$ 26,800 (or 7.5M pesos) and your mortgage repayments would be US$ 999 per month over a 20 year period. I think you may get a better rate if you shop around and Popular will negotiate the rate down based on your status (or so they say).
my plan would be to put $100k usd down and finance the rest on a 30 year loan and keep my payments at $1000 a month
Good luck, I got quotes 175,000 USD North Coast. 97,000 pesos monthly what a joke 14% interest. don't. Build instead, take your time and it will be a lot cheaper, you just have to put up with some extra fun stuff along the way. that was with 28k USD down.
Also I want to warn people of something really sneaky that the builders tried pulling on me, having friends in the loan approval place - getting pre-approval and saying everything is all good and they're waiting for a down payment and would have 3 months to receive after the deposit and formal approval.. found out they did that before and didn't give back the deposit money or put-down money.. careful.
Also I want to warn people of something really sneaky that the builders tried pulling on me, having friends in the loan approval place - getting pre-approval and saying everything is all good and they're waiting for a down payment and would have 3 months to receive after the deposit and formal approval.. found out they did that before and didn't give back the deposit money or put-down money.. careful.
There is absolutely no end to the ways one can be deceived. The team work of ; Builder-real estate agent-mortgage broker and loan officer at the bank is a very powerful alliance. They can "make -it-happen" quicker than a game of 3 card monte.
Excellent warning.
I don't think any of us who have lived here for a long time and have experience in build projects here would recommend it. There is nothing but stress involved in getting all the permissions, dealing with builders, trying to buy all the materials, nothing in stock, nothing on time, everyone wants extra money, legal issues, dodgy lawyers, neighbors who say they own the land, the list goes on and on. Buy something that already exists and has a clear title, preferably something that you will be able to sell easily if you ever need to.
That's what Popular are offering. I think BanReservas are offering 90% mortgages now. It seems to have got better and rates are more competitive, on dollar mortgages.
Maybe consider starting with a small house with this
Money and expand it every few years.
Or buy an older one and revovate
I'm not shocked... But that's on the person. nothing shocks me here.. honesty is not a strong suit here.
my father in law, who had his house built back in the 90s in santiago and still lives in it, told us the same thing. If you dont mind dealing with the headaches that comes with buying a lot and having your house built then so be it, if not then to buy something already made.
With that being said, what about purchasing a plot of land on a community that wil be built?
My other question, when you purchase an already built home in one of these communities are you also purchasing the land the home is built on or would you be paying some sort of property tax even if you pay off the house?
With that being said, what about purchasing a plot of land on a community that wil be built?
My other question, when you purchase an already built home in one of these communities are you also purchasing the land the home is built on or would you be paying some sort of property tax even if you pay off the house?
bueno, tengo famila con ferrterias por todo; un chin deferente
pero si la vd es muy dificil creo, por extranjeros nuevo o no tiene conexiones. hay desmasiado babysitting independente de el facto tienes "amigos" o familiar porque hay siempre una persona buscando por eso oportunidad por bloques perdido o algo como asi, sabes hay tigures todo lugar.Honestly, I have bought several solars here and it has been nothing but smooth. I buy them from construction companies that have plans for future development and the reason why I do that is because they already took care of the headaches for me, they charge interest yes; but who doesn't here unless you have all the money ready to go? something that is let's say 1.3 million you'd need to have 350,000 - 500,000 peso for and they would finance for you. work hard pay it off then you have to pay the deslinde and title transfer. If you buy private get ready for some fun games.. financing number one, dealing with jose de el Campo-culo giving you the run around that he has the title but his mom just died but he'll give you the piece for 300,000 peso. I know several Dominicans that got burned like this. Also another thing I recommend is careful about what lawyer you choose and what you agree to in any documents, you may read over the part that if you die the lawyer gets to keep it. Has happened lots.
sorry I'm unsure if you're Dominican or notbueno, tengo famila con ferrterias por todo; un chin deferente
Also - it's impossible to avoid all the scams you will come out with some burns and scratches along the way even the most seasoned buyers and developers get some scratches i.e missing blocks cause a haitian has been stealing 1(40 peso) or 2 every day to build a home 2 years later, but if you control the material, get a count of the blocks, materials and tell them to put everything in a pile then you have a good estimate if you're getting screwed or not - material scam is the biggest way everyone loses money if you're extranjero straight up; if you let the master of construction take care of material order you're going to build two houses except the second is not yours if you have the time; then sit on a chair and watch your the adult children - if you do not have this hire someone for 20k peso a month to babysit them and make it very clear what your expectations are of him and the crew. If anyone needs help let me know please I'm not in the business to screw anyone rather in the business to provide value.
that's solid advice, I didnt know they did specifically US dollar mortgages? like it's just a precondition essentially that you pay in USD every month and not peso and you automatically get a better rate? there must be some other conditions to that?
If you have a Bank Robery in Progress at any DR Bank, The guy holding the Gun is the honest one.
All the above coments warning you about taking a loan here are right. If you choose to ignore them anyway, ask for a fixed rate for the entire time of your Loan.
Otherwise i guarentee you that you will receive a SMS the very first day after your fixed term is over "informing you" that your rate changed from 8.5 to 16%.
All the above coments warning you about taking a loan here are right. If you choose to ignore them anyway, ask for a fixed rate for the entire time of your Loan.
Otherwise i guarentee you that you will receive a SMS the very first day after your fixed term is over "informing you" that your rate changed from 8.5 to 16%.