Mortgages in the Dominican Republic

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Steverino7777 Serial expat

Member since 01 February 2019

Steverino7777Serial expat14 January 2024 14:11:41

219

Banks in the Dominican Republic will request 3 years of your financial statements when you apply for a mortgage. They will also request a list of your assets. They will finance up to 70% of the purchase price of the property if your financial position is excellent.

Mortgages in the D.R. are a 5 year time frame. They are 25 or 30 years in North America. Every 5 years you must once again provide a list of assets and 3 years of financials before they will renew your mortgage. Their interest rates are higher than they are in Europe and North America.

Taking a line of credit from your Canadian / American bank is an option that will carry a lower interest rate without any surprises. Also talk to your bank about financing foreign property purchases. They may be willing to consider it.

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert14 January 2024 18:46:02

17122

Another item to add - it will take longer than they say to process it!

It's ok to ask in more than one bank at the same time and let them know they are competing.

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