Dominican Mortgage Download

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Mortgage Financing Requirements

Loan Information:

• Maximum loan amount is 80% of appraised property value.
• Maximum finance term is 20 years.
• Interest Rate is 8.5 % annual.
• Additional principal payments authorized
• Minimum age to apply is 21 years of age
• Interest is tax deductible for U.S. and Canadian citizens

Pre-Approval (No Cost to the Borrower):

• Lender Applications, English & Spanish versions, filled out as complete as possible to include bank account numbers, phone numbers, and addresses. Both versions signed. We will forward copies to you on your request. If co-buying both parties must sign both applications.

Qualifying Documents Required: (Mortgage Broker Fees Applied)

• Client must sign a Mortgage Broker Contract and pay the initial fee. We will forward this form to you along with bank routing information.
• Credit Report Release Form. We will forward this to you – A TransUnion Credit Report will be pulled. If you have credit issues, you should have them resolved before you submit an application. The lender, just like in the U.S. or Canada will closely review your credit history. A negative credit report or low credit score are grounds for rejection and/or extra time to get your credit report corrected.
• Copy of the photo and facing page of passport. Both parties if co-buying.
• Tax Return or UFile for Last Two Years. Both parties if co-buying and if you filed separately.
• W-2 or T-4 forms for Last two Years. Both parties if co-buying.
• If you list an asset on your application such as ownership of real estate, rental property or a company; be prepared to show proof of ownership, rental contracts, financial status, etc. unless your income is such that the asset proof is not required.
• Bank statements for the most recent three months preceding the application date. Both parties if co-buying, unless you have a joint account.
• Copy of the property title – provided by the seller. If you or your agent cannot obtain one you should contact your real estate agent or our office immediately. The original title will be held by the lender for the life of the mortgage.
• Property Appraisal, conducted by a civil engineer appointed by the lender!
• Most recent year’s property tax statement – provided by the seller
• Certificate of Liens and Encumbrances – to ensure there is no outstanding debt associated with the property. Obtained either through the Real Estate Agent, Seller or the Lawyer who closes on the sale.
• You will be required to open a bank account with the lender. Your mortgage payment is made through the account. Can be opened on or before you close. You must present two bank references and a copy of your passport photo page to the lender to open an account.

One caution I would urge is to ensure the entries on your application match the supporting tax and income documents. The lender here is very thorough, they want to make sure everything is complete and when data does not match or something is missing they will ask us to follow-up with you to provide requested information. That of course adds to the time to process the loan request. For your information the lenders here do not allow subprime, balloons, cash outs or any other of the esoteric mortgage options you can find in North America. Nor is your loan sold to a mortgage warehouse, it is maintained by the lender for the life of the loan. Do yourself a favor make your application and supporting documents as accurate as possible!

Another note to consider is that we do not become involved in your Real Estate issues unless we are your designated Real Estate Agent. If you have a realtor you should maintain close contact with that person. He or she can provide you information on pre-purchase and purchase contracts as well as the closing costs. If you do not have a realtor or lawyer we can make a recommendation but unless we are your designated agent we prefer to think and act as a disinterested party in that regard.

Real Estate within a company – A recent change to Dominican law makes it prohibitive to place your private real estate into a company. The change effected how taxes are assessed and requires the company to actually execute its directives. It cannot simply be a dummy-corporation to avoid taxes. If you have questions we recommend you contact a lawyer to confirm the details.

We can accomplish all of the forms and procedures via e-mail, fax or phone. You only have to be here to sign for the mortgage. We ask that if possible refrain from using a fax. Ours works absolutely but we in turn must retransmit the documents to the lender, plus when we put your package together we take it to a vendor who binds it up neatly with everything in order. Also, clear readable documents make it much easier to quickly determine if additional information is required, especially if there is a misunderstanding in the translation or interpretation of data. The bottom line for us is to quickly and accurately process your application. The above reads like we are nit picking but the effort is appreciated by the lender and by helping us with this small incentive we can help you.

Larry Rogers

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