West Indies Real Estate Can Help You With Property and Real Estate Financing
Real Estate financing for purchasing a property in the Dominican Republic
Real Estate financing for purchasing a property in the Dominican Republic – Banks
Banks are willing to consider loans on property for up to 25 years with interest rates around 7 – 10% and up to 70% – 80% of the appraised value. All loans are in US dollars and the rate of interest is usually variable. To start the process you will normally need to have agreed a price and terms on a specific property, subject to mortgage approval, and you will also need, as a minimum, the following:
– Proof of identity, usually passport
– Proof of assets
– 2 years of personal income confirmation (employment letters, income tax forms, Notice of Assessment)
– If self-employed, 2 years of corporate financial statements
– Consent to obtain your credit report(s)
– Confirmation and source of your down payment
In order to begin the process of getting a mortgage, an application needs to be filled out by you, the purchaser(s). This form includes basic information regarding your employment and financial situation, where you live, birth date, social insurance or social security number, etc. In some cases it is possible to begin this process even before you put an offer in on a property by obtaining a pre-approval. Start gathering pertinent information required by the lender (employment letters, tax info, account statements, etc.)
Real Estate financing for purchasing a property in the Dominican Republic – Owner Financing
Sometimes owners of property in the Dominican Republic are willing to offer owner financing, but usually for only 50% and over shorter time frames of 2 – 5 years at interest rates of 7 – 10%. This is usually negotiated during your offer stage and will be written into any offer to purchase made by you.
Normally the realtor will be able to advise on which properties you may be able to obtain bank financing on or whether the owner will be willing to consider financing part of the purchase price.