International Mortgage

dtronx · #1 04-10-2008, 03:03 PM

Hello,
I am looking to buy a condo in DR. I was wondering if someone could help me in is it possible that I live in NY to get a mortgage for the property down in DR, and if so what is the best way of going about it.

Skippy1 · #2 04-10-2008, 03:09 PM

You really would be better getting a mortgage in the US, or remortgage your existing home to buy here for cash, as the interest rates here are higher. Not sure how you would get one here if you don't have residence or own another property as security.

dtronx · #3 04-10-2008, 06:46 PM

Question is that I can get a mortgage here in the US and use the money to buy a home down in the dominican republic?

adrianb · #4 04-10-2008, 06:49 PM

i doubt it

dtronx · #5 04-10-2008, 06:50 PM

So what is the best way to get a mortgage and then buy the property in the Dominican Republic?

Skippy1 · #6 04-10-2008, 06:52 PM

To buy offshore with a mortgage in the states is something that might work out very expensive in the current climate unless you have a good security for them.

Like I said before if you can raise cash buy using assets in the states then you can buy here for cash.....would not recommend you rely on getting a local mortgage here.

Skippy1

dtronx · #7 04-10-2008, 06:54 PM

I heard the interest rates are very high in the DR. That's why I was trying to see about getting a mortgage here and purchasing the property there. Since this is my first mortgage I guess I don't see how realistic it is going to be,

Skippy1 · #8 04-10-2008, 07:07 PM

its never easy to get your first home no matter where you live.....I sympathise with you. All you can do is save hard and take minimal risks with your money

adrianb · #9 04-10-2008, 07:12 PM

Get a couple of credit cards, push the limits up really high and then take out a balance transfer. You could probably get $100k that way. If you're not sharp its a risky strategy though, you'd need to really stay on top of the interest rates and aim to pay it off within 2 years, not a typical 30 year loan timeframe.

I did this for about $25k a few years ago and it worked out great and was an extremely cheap loan.

Tallman1818 · #10 04-10-2008, 08:39 PM

You can get a mortgage here in the DR, to buy a house there are several banks in DR that now provide mortgages for non-Dominican residence in Santo Domingo you may be able to find a morgage broker just like in the us that be able to help you or you may try Banco Popular or Scotia Bank in the area that you want to buy.