Christian Vogt: 7/24 Hotline : +1 ( 8
0 9 ) 3 7 7 - 0 8 8 6 / info@dominican-estate.com
Interested in Mortgage Financing – Buyers who are considering mortgage financing in the Dominican Republic can find a variety of information on the Dominican Mortgage Broker C por A website. There is a little island history, Columbus landed there on his second voyage. They also include some items of local interest. The Dominican Pants link reveals a nice story of what happened to and how the owners of the Brokerage dealt with getting started in the Dominican. Most importantly, a legal page provides a good summary on what to look for when purchasing real estate and some case descriptions. This is a must read for any buyer, not just someone interested in a mortgage. The site also lists the requirements necessary in determining if the borrower can qualify for a mortgage. There is further general information on loans, basic loan concepts, legal regulation, loan structure, loan types, terms and specific loans offered by the broker. This is a very informative website that has lots of traffic as evidenced by the counter on their home page. Check it out!
o The property must have a clear title. If the title is not available, you can be approved and the file held until the title becomes available. ( Max 4 to 5 month after approval of the client ).
o Completely filled application (lender app form)
o Signed borrowers authorization form (credit report release form)
o 2 years full tax returns
o Most recent four (4) pay statements
o Most recent asset statements (ex. Stocks, 401k, brokerage account, etc…)
o Minimum loan is $150,000.
o LTV ( Loan to Value ) is 70% of appraised value, meaning if your property appraised at $250,000, the most they would finance for you is $175,000.
o The loan will be a 30 year mortgage fixed for 5 years at 7.95% that changes to an ARM (Adjustable Rate Mortgage) for the final 25 years. Pre-payment penalty in place for the first 5 years that begins at 5%, and reduces by 1% per year until the end of the 5th year.
o You should know within 72 hours about the loan status once the documents are in the lender's hands.
o Fee structure - lender charges a 2% origination fee. Based on the above example your total fees would be $3,500. Fee due at closing. On a refinance application the fee can be rolled into the mortgage.
o Mortgage Insurance is NOT required
o Property Insurance IS required (obtained by the borrower)
The loan is offered and controlled by a AAA Prime Bank in New York, this is not a local bank. You can write off your loan interest on your income tax.
The lender is interested in moving fast and if you qualify should have your loan in about 30 days. Please let us know if you desire further information.
*An urbanization under construction can apply to our lender, through us, for a project residential mortgage loan, called an End Loan. Any buyer who then qualifies is guaranteed a mortgage. The project then receives construction funds for that purchase (buyer 30% deposit, lender 30%, 30% & 10% as construction progresses)
# Please note that rates may change due to market conditions. Additionally, American borrowers with an LTV lower than 60%, who have great assets and cannot prove their income may also be considered.
Christian Vogt: 7/24 Hotline : +1 ( 8 0 9 ) 3 7 7 - 0 8 8 6 / info@dominican-estate.com
