Mortgage in Puerto Plata

@planner  my realtor replied back that I will have to go through the local banks. When I send payment it goes to Bansco bank. I am wondering if I should open a bank there in US dollars. I will have to fly there and see what my options are. By the time I need financing the property will be half paid off.

Be sure you get details on the financing terms before you get much further into the process. The rates and terms here are very different than what you are used to in the US! For instance, the term is typically based on the age of the borrower. When my husband and I (very briefly) looked into financing a condo here, we were told because we were over 50, we could expect a 10-12 year term. The interest rates and nightmares we heard from those going through a bank for a mortgage made us go a different route!

If your financing will be with the developer, he should be able to provide you with the terms.

Hello,

the developer  is not financing. The most I would need financed is 30 grand. However I am now considering budgeting really tight and coming up with every cent! I am in the medical field and travel for work, so money comes fast! I believe I can do this! But I would love to get  something financed so I can enjoy life a little. I always dreamed of having a property in DR

Interest rates here are running in the mid 20%

Interest rates here are running in the mid 20%
-@CHRISTOPHER DAVID56

For a mortgage??? And where do you find this information? Does not match what I see

Planner is correct.  Talk to the developer and get referred to the bank they are using.   Start now as these don’t happen quickly here. 

@CHRISTOPHER DAVID56 wow! Yeah lol looks like I’m defiantly going to pay it off before completion.

@Tripp789 thank you so much. I plan to go at the end of the year, the condo is due for completion by August 2024.

Does anyone know how long the pre approval letter is good for once the loan is approved?

@CHRISTOPHER DAVID56 at those numbers I would lend money

Rates for scotia right as of today are from 11-13% in pesos. And 5.75-7% in dollars. That varies for 1 year fixed, 3, and 5. Once the fixed rate is over I’m sure rates will go a bit higher lol.

Hello All, can these loans, when qualified, be used for pre-construction? There are opportunities that have payment schedules such as 20% initial, 30% during and 50% upon delivery. I am looking for anyone experience of this.

Thanks

I do not believe they are available for pre construction

You need title to get a mortgage and there is no title until done

@planner Thank you for your quick reply. Are contract laws strong in DR?

The quick answer - it depends!

@planner That's not a good thing. I keep thinking about the a project featured in the season finale of a reality television show, The Apprentice. I think it was called Farallón. Banreservas lost a lot when it went belly up. I don't want to get rip off by friends of former POTUS # 45.

@P.M55 Keep it up and keep us updated. Did you get a contract with the Builder or the RE Agent and what is that process like? What project are investing with? Thanks

@planner

i’ve been following so much of your great guidance and advice as i plan to come to Cabarete for a month and then look for permanent property in the area.

First question: as a 66 year old recently retired TV NEWS journalist and widower, i will be traveling alone but sure would like on the beach of Cabarete or Sosua. any good suggestions for my month stay? I only need a 1 bedroom condo since it is just me..

thank you,

John from Texas

@planner That's not a good thing. I keep thinking about the a project featured in the season finale of a reality television show, The Apprentice. I think it was called Farallón. Banreservas lost a lot when it went belly up. I don't want to get rip off by friends of former POTUS # 45.
-@rcadet1

Quick comment - please stop referring to American politics. 

John from Texas - thanks! 

Sorry I cannot make a recommendation for Cabarete honey.  I have been living in Santo Domingo the last 6 years so I am out of touch with rentals etc in that area.

Start a thread asking for specific advice!

Good morning everyone and HUGS to you!

Can anyone share the current situation with obtaining a loan with the banks in DR, the process, timeframe and what type of rates are currently being offered.  Does anyone have a GREAT banker they can refer with contact information or an email as the first bank experience I had was very disappointing and very poor communication.

@MyGenieintheBottle

Please email me at (EDITED OUT EMAIL ADDRESS) will give you run down and contact information

Be aware that sharing your email address or other personal contact info is not permitted!   Use private messenger here please!