Thanks for the referral!
ecarignan said:
If I recall, there was also a company out of Santo Domingo that had US affiliates that was offering decent mortgages. I think I got his ad through the regualer DR1 Real Estate emails. Anyone recalls? I am trying to help someone set up a mortgage.
Thanks.
I am a mortgage broker located here in the capital. I use assets in the US that can be held as collateral, whether property, stocks, bonds etc. whether a US citizen or not. By refinacing in the US you can keep all the tax benefits, get up to 100% of the appraised value on the property, and more realistic rates. I have programs that start at 1%!, ARMS, 15/30/40/50 yr mortgages which are not available here. There are just more designer mrotgages available than here, with more options.
As far as banks here, unless special conditions with the developer, most must be done in pesos. That means if today the peso is 35/1 and tomorrow it drops to 25/1, that 200,000 condo just cost you another 60,000. Also, most banks here will only give you 40-70% financing. Usually for 15 years, although some developers have made arrangements with some of the banks for longer terms or it is the developers' money. Over here many are adjustable, and with no cap.
In an attmept to increase my business and help developers and real estate agents here sell property, I have contacted numerous banks outside the DR...still have not found one willing to come here. I have contacted the banks mentioned on other threads to see if I could finance here, in the US, PR, Germany< etc.
Even Banco Popular in the US will not, nor will PR branches. You still have to go local.
JRR