International Mortgage

[dtronx]

My credit score is good it's not too bad 700-715 so i know i shouldn't have a problem with a mortgage just where to get it so I don't get hammered with high rates is the question.

[Tallman1818]

Originally Posted by dtronx

My credit score is good it's not too bad 700-715 so i know i shouldn't have a problem with a mortgage just where to get it so I don't get hammered with high rates is the question.

Don't worry here in DR, they are NOT going to go off your score, they have their OWN way to grade borrowers; and YES you will be paying a pretty high rate compare to what you pay in your primary home in North America.

[dtronx]

What would be a pretty prime rate? If you could give me an example.

[rendul]

I do not agree that you cannot get a mortgage from a US bank for a D.R. house. We arranged our mortgage in Canada using the equity on our house here. It was enough to finance our house there and we were not even asked what it was for. So you never know until you ask or try.

[adrianb]

Originally Posted by rendul

I do not agree that you cannot get a mortgage from a US bank for a D.R. house. We arranged our mortgage in Canada using the equity on our house here. It was enough to finance our house there and we were not even asked what it was for. So you never know until you ask or try.

That has already been suggested in this thread. You have to have equity in the country you are taking the loan as you did. This is not what the OP is asking for.

[Lambada]

Wasn't there a poster called JRR (or something like that) who organised mortgages for people? Maybe worth PMing him. All the main DR banks do mortgages too. For example according to Banco Popular's website their interest rate is 14.95% per annum for a loan period of 180 months (15 years):
Popularenlinea.com, Venta de Inmuebles

[Tallman1818]

Originally Posted by dtronx

What would be a pretty prime rate? If you could give me an example.

Your rate maybe around 10% - 15%, banks here will require to see your last 3 months bank statements, copies of your income taxes, and a letter from your current bank.
The process to have the loan approve and close takes about 2 to 3 months.

[opikas]

A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

Mortgage Company

[edsmith]

all county lending can get financing for DR.call steve schroyer 727-204-0110 seminole florida

[Fernandez]

First, don't mortgage yourself to buy in the DR. R/E in the DR is in its development stages, however the country still carries a high risk premium.
Second, the secondary market in real estate here in the DR is not what one would equate to the USA/developed markets- rarely are the original property owners rewarded to the extent they had planned based on the assumed country risk;