We have some properties where sellers are offering financing, please reach out to me if you would like some suggestions. This is much easier than obtaining a mortgage through a Dominican Bank.
Many people chose to reach out to their home bank for a loan. You will not be able to get a mortgage on a property in the DR from a North American Bank but many buyers take a line of credit on a property they already own in North America and use the equity in their currently owned property to purchase here in cash.
The third option is a traditional mortgage and these are now being offered by Scotiabank for people from the US, Canada and UK who want to buy a second home in the Dominican Republic.
Basic Loan Information:
- Maximum loan amount is up to 70% of appraised property value.- Maximum finance term is 25 years.
- Interest Rates are 8.25% fixed for 1 year, 8.5% fixed for three years and 8.75% fixed for 5 years.
- There are no penalties for early payoff after 3 years.
- Minimum age to apply is 21 years of age
It is very difficult and time consuming to qualify for a bank mortgage. The majority of our buyers chose the home equity route and take a line of credit on property they own in their home country to buy here in cash.
If you are interested in a Scotiabank mortgage in order to quickly determine if you qualify you can submit your credit report, 2 years of tax returns (notice of assessment if you're Canadian) and a completed Scotiabank Mortgage application.
Once Scotiabank receives this information they can determine within about 2 weeks, whether you should move forward on the full application process.
In order to obtain your credit report please order through the following websites.
United States: TransUnion US your credit (FICO) score to qualify must be greater than 640
Canada: Equifax Canada Your credit (Beacon) score to qualify must be greater than 680
UK: Equifax UK Your credit score to qualify must be greater than 640
If you have any questions or would like me to send you a Scotiabank mortgage application please reach out anytime.
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