Obtaining a Mortgage as a Nonresident DR Citizen

[Radical]

The fact that you keep calling out Bob on his information implying it is incorrect.

Bob has yet to post any numbers related to what he claimed as true facts as far as:

Mortgages Interest Rates
Rates Fixed for longer than 2 to 3 years.

Current mortgage rates in the DR ARE BETWEEN 5.95 -7%

This is what Bob posted and exactly what I asked him about, he has yet to post nothing straight from a DR bank backing his claims?

You have more or less the same options as north America. You can lock in for 3 years, 5 years, or even 15 years.

The above is his response after my question towards fixed rates longer than a year at the interest he claimed above

In fact, I challenge you too, please post any information from a Dominican bank offering anything among the rates Bob claimed (5.95%-7%) and to make even better, post anything interest wise which is offered fixed longer than 2 to 3 years.

I'll sign that contract

Borrowing money should be reserved for investment purposes and using it to make more money.

right away in front of you. Seriously!

Thought you might like to add to the conversation instead of just being a critic.

I've asked specific question because I am, and have been in the process of collecting information with the possibilities of getting a local mortgage, if the conditions are favorable to me.

Also thought I would help you expand your vocab a bit.

"Dope" has not place for my use, and won't be in my vocabulary. Thanks for the offer anyway

I still think if a person is buying a property for personal use they should pay cash.

Very stupid advise if the purchase ought to be made in the USA.

Very stupid advise if the purchase ought to be in the DR and the person obtaining the mortgage is able to obtain good rates, and make the "cash" work for him/her at higher rates than the one paid in the loan. Easy to do in this country.

That is just finance 101.

Don't believe me?

Ask any investor.

 

[Yourmaninvegas]

"Dope" has not place for my use, and won't be in my vocabulary. Thanks for the offer anyway

Very stupid advise if the purchase ought to be made in the USA.

Very stupid advise if the purchase ought to be in the DR and the person obtaining the mortgage is able to obtain good rates, and make the "cash" work for him/her at higher rates than the one paid in the loan. Easy to do in this country.

That is just finance 101.

Don't believe me?

Ask any investor.

I have and they agree with me.
Do what you like with your money ‼️
I do not give advice.
I get paid to give advice.
Here, I offer my opinions.
No one should act on any financial information they read here without consulting a professional.
I am not the one looking for a loan.
You are.
You want me do your work for me.
Pay me as a professional and I will help you.
Did I miss the post where you are outlining the information you have found at all the banks you have spoken to personally in the 🇩🇴

 

[Yourmaninvegas]

Full Disclosure
Every material thing I own in my life (for personal use) is paid for.
That is a bias I have.
I am completely debt free.
Now how does someone with very stupid opinions do that ❓
Is being debt free a stupid personal financial move❓
Ask a Professional Financial Planner (CFP) about that.
I hope you enjoy both making your interest payments and your investment returns that your reap with your cash.
I shall now return to my regularly scheduled enjoyment of life and mix up my next screwdriver with Absolut Vanilia Flavored Vodka
🍹

 

[Radical]

You want me do your work for me.
Pay me as a professional and I will help you.

I truly would but then again I can't take you seriously:

1. You've used the word "dope."
2. You live in Santo Domingo Este

Perception is everything. Sorry, can't and won't do business with you!

 

[Yourmaninvegas]

I truly would but then again I can't take you seriously:

1. You've used the word "dope."
2. You live in Santo Domingo Este

Perception is everything. Sorry, can't and won't do business with you!

Brother Rad,

This is the last place I would seek clients for financial planning.
That is if I actually had a financial planning business.
I do not.
I only studied it in my younger years.
And if I did I doubt you have enough assets to have been my client anyway.
If you actually need a mortgage to buy profits.
Where do you live Mr. Rad con perception ❓
Do I sense a nose in the air attitude👃🌬️ ❓
Lastly, do you have anything to actually add about getting a mortgage in 🇩🇴
Because so far I only see you telling us what Bob does not know.
Very little about what YOU actually know.

Full Disclosure
Every material thing I own in my life (for personal use) is paid for.
That is a bias I have.
I am completely debt free.
Now how does someone with very stupid opinions do that ❓
Is being debt free a stupid personal financial move❓
Ask a Professional Financial Planner (CFP) about that.
I hope you enjoy both making your interest payments and your investment returns that your reap with your cash.
I shall now return to my regularly scheduled enjoyment of life and mix up my next screwdriver with Absolut Vanilia Flavored Vodka
🍹

 

[tee]

Scotiabank offer mortgages for US, Canadian and UK citizens. They do a credit score check and your credit score must be higher than 660 for US residents and 680 for Canadians and UK residents. Right now Scotiabank have excellent rates, 70% financing 3.75% fixed interest over 3 years or 4.75% fixed interest over five years with the mortgage amortized up to 25 years. I have many clients that have mortgages with Scotiabank. I have attached an image that Scotiabank sent me, not sure if it will load correctly though. I am not an employee of Scotiabank, but our company uses them all the time for our clients.

 

[Radical]

Scotiabank offer mortgages for US, Canadian and UK citizens. They do a credit score check and your credit score must be higher than 660 for US residents and 680 for Canadians and UK residents. Right now Scotiabank have excellent rates, 70% financing 3.75% fixed interest over 3 years or 4.75% fixed interest over five years with the mortgage amortized up to 25 years. I have many clients that have mortgages with Scotiabank. I have attached an image that Scotiabank sent me, not sure if it will load correctly though. I am not an employee of Scotiabank, but our company uses them all the time for our clients.

Solid information, thanks for posting this.

 

[Big]

lol, one thread this guy is saying he has less than one thousand U.S in an account to purchase a washing machine, this thread he is claiming to be Malcolm Forbes

 

[Yourmaninvegas]

⬆️
lol, one thread this guy is saying that he is a financial expert that has a problem with people offering their financial opinions
this thread he is just saying he is a financial expert that has problem with people offering their financial opinions while trolling others he disagrees with.

For those who are challenged by math 58,000 DOP is more than 1000 💵 at current exchange rates. Check THAT thread for more information.

 

[Yourmaninvegas]

Spending cash on any consumer purchase is still my recommendation.
House or washing machine.
Investments are different.
Tiny will eventually figure this out and he needs to work on his math skills.

 

[Big]

Spending cash on any consumer purchase is still my recommendation.
House or washing machine.
Investments are different.
Tiny will eventually figure this out and he needs to work on his math skills.

lMAO , sure thing Mr Forbes, everyone here believes you are a super high roller lol, sure they do!.. Im out!!

 

[Yourmaninvegas]

‼️lMAO , sure thing Mr Forbes, everyone here believes you are a super high roller lol, sure they do!.. Im out!!

Tiny,

A large amount of money is not required to live within ones means.
I am sorry you do not understand that.
I 🏀 on a budget my man.
In my country of origin I am poor.
That does not mean that I cannot manage what little money I have wisely.
I have never projected that I am a "super high roller".
So no one other than you has to believe that or not believe it.
And just to make it very clear, I care not what you or anyone else posting in a public forum believes about me.

I live debt free.
And in my opinion that is the best way to live.
It follows that all consumer purchases should be paid for in cash.
Investments are different.
Apologies for repeating myself.
I know that ALL of you reading this are not dense.
Only a select few‼️

 

[PICHARDO]

I’m poor!
😔

 

[Yourmaninvegas]

I’m poor!
😔

Join the club.
All my life I've been poor.
But the rich not have the corner of the market on money management skills.
It is within the ability of everyone that has a income to manage it in such a way that they do not pile up consumer debt.
The opinions here are split on the usefulness of a mortgage.

Most Dominicans still prefer to buy lots and slowly build their homes free of interest. They build as they go and have no pressure to finish or datelines to meet.
Custom homes are the norm in the DR, unless it’s apartment based.
The reason why most middle class homes are well-built, is that the owners were to be the tenants. No corners are cut and material quality tends to be on the good to top notch.

I happen to believe that "most Dominicans" have the right idea.
And I do not know this but I bet all of them are not rich.
But yet they are able to live in custom homes free of interest.
If you want a mortgage I hope this thread helps you with that effort.
I still think if a person is buying a property for personal use they should pay cash.

Very stupid advise if the purchase ought to be made in the USA.

Very stupid advise if the purchase ought to be in the DR and the person obtaining the mortgage is able to obtain good rates, and make the "cash" work for him/her at higher rates than the one paid in the loan. Easy to do in this country.

⬆️This guy disagrees with me.
We are allowed to do that.
But we are in the 🇩🇴 .
And according to Mr. Pichardo "most Dominicans" prefer to live in homes that they have paid cash.
I happen to be proud of where I live in 🇩🇴.
One advantage of EAST SIDE is that if you want to pay cash for your residence...you need less cash to do it.🤑

 

[william webster]

Could anyone tell me whether a tax-nonresident Dominican citizen (living primarily outside of the DR) would be eligible to obtain a mortgage for a house or condo in the DR?

Thanks in advance for the insight!

The question is 'eligibility' .... not whether or not you 'should' get a mortgage

Is a Tax non-resident Dominican citizen eligible.??

Simple yes or no answer people....

 

[Ecoman1949]

I’m poor!
😔

I thought I would be after my divorce but the judge presiding over our divorce recognized the fact that I had paid the lion’s share of our living costs during the marriage. This allowed my ex wife to make some good investments. He awarded me a nice chunk of her investments. My three pensions are my main source of income. My investments are bubbling away in the background making an average of 7 to 9% a year, directed by me and a very capable lady from TD investments. In other words, life after divorce is a lot better than I expected.

Scotia Bank has a branch in my town. Already discussed everything with them, money transfers to the DR, a loan to buy a home in the DR, opening an account in the DR. Having a Scotia account in Canada should make opening a Scotia account in the DR a bit easier. Russ also has contacts with the Scotia Bank in Puerto Plata who can help me.

 

[Radical]

Scotia Bank has a branch in my town. Already discussed everything with them, money transfers to the DR, a loan to buy a home in the DR,

What were the terms of the home loan?

 

[Ecoman1949]

What were the terms of the home loan?

The mortgage was a Canadian one. 1.75% for 5 year variable. 1.99% 5 year closed. Money is cheap here amigo and will continue to be for the foreseeable future. Cant compare it to a DR loan or mortgage.

I looked at the option of a small Canadian TD bank mortgage applied against my home here to buy a place in the DR. Easily paid off in five years. I’m making a lot more interest on my investments
(up to 9 %) so it doesn’t make sense to touch them.

The other option is sell my place, rent an apartment here to maintain my link to Canada and pay cash for a DR casa. Still wouldn’t need to touch my investments. I haven’t had a mortgage in 25 years so it kinda goes against the grain at my age.

I’m not looking for a massive villa. Only me and any potential femme du jours. 😆 Lots of condos and small villas for sale in Costambar at decent prices. One condo, in particular, owned by a Canadian couple and they are willing to negotiate with me because they need to sell it for medical reasons.

 

[PICHARDO]

The mortgage was a Canadian one. 1.75% for 5 year variable. 1.99% 5 year closed. Money is cheap here amigo and will continue to be for the foreseeable future. Cant compare it to a DR loan or mortgage.

I looked at the option of a small Canadian TD bank mortgage applied against my home here to buy a place in the DR. Easily paid off in five years. I’m making a lot more interest on my investments
(up to 9 %) so it doesn’t make sense to touch them.

The other option is sell my place, rent an apartment here to maintain my link to Canada and pay cash for a DR casa. Still wouldn’t need to touch my investments. I haven’t had a mortgage in 25 years so it kinda goes against the grain at my age.

I’m not looking for a massive villa. Only me and any potential femme du jours. 😆 Lots of condos and small villas for sale in Costambar at decent prices. One condo, in particular, owned by a Canadian couple and they are willing to negotiate with me because they need to sell it for medical reasons.

Rent! You’ll thank me later...

 

[PICHARDO]

The question is 'eligibility' .... not whether or not you 'should' get a mortgage

Is a Tax non-resident Dominican citizen eligible.??

Simple yes or no answer people....

👍 yes