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Mortgage Financing

IN THE DOMINICAN REPUBLIC

Please note that we are not a mortgage brokerage. We assist our buying clients with local banks, but buyers must apply on their own. For buyers requiring mortgage financing, there are two options available:

REFINANCE IN YOUR HOME COUNTRY

Or place a home equity line of credit on an existing property in your home country to pay for the DR purchase:

Often a better option as rates are better.⁣
More mortgage products are available to you.⁣
It takes less time.⁣
In many countries, the interest paid is now tax deductible (if DR property is at least a part-time rental).⁣

DR MORTGAGE FINANCING

Place a new, US dollar first mortgage on the DR property being purchased.

Interest rates are between 3.75-5.75%⁣
Amortizations up to 25 years⁣
40% down payment required⁣
The approval process is similar to that of North America, with lenders requiring similar documentation⁣
You can be self-employed⁣

Where Do You Start?

Only require two items to determine if you qualify for DR financing: your credit report and your income.

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 your credit score is above minimums, proceed to obtaining income information.

United States and UK: Two years of tax returns⁣
Canadians: Two years of Notice of Assessments⁣
Get the Ball Rolling!

Contact Larissa Ortiz in our office to discuss further steps⁣
Email: [email protected]⁣

We will let you know where to send the application and the next steps to getting your pre-approval and eventual funding.⁣

Some General Guidelines
Mortgage financing in the Dominican Republic is limited and can be time-consuming.⁣
Financing is only available to citizens from the United States, Canada, and the United Kingdom.⁣
Projects or developments must also be approved by the lender.⁣
Mortgages are done in United States dollars (US).⁣
20-25 year amortizations available.⁣
Interest rates from 3.75 – 5.75 %.⁣
Downpayment of 35% on houses under $1,500,000 US⁣
Downpayment of 40% on houses between $1,500,000 to $2,500,000 US⁣
⁣

Lending Costs:

Brokerage fee: 1% of the mortgage amount. A minimum fee of $700 US⁣
Legal fees to register the mortgage.⁣
Appraisal: $300-$500 US.

What is not possible:

No subprime financing⁣
No mortgages in non-approved projects.⁣
Mortgages are not available on purchases of over $2,500,000⁣
Mortgages to corporations.⁣
Financing of raw land or farms.⁣

Full Documentation Requirements: (after approval)

Mortgage application⁣
Client consent to release tax data (bank).⁣
Form W9_E (US citizens).
Authorization to obtain credit report (from the bank).⁣
Passports and driver’s licenses.⁣
Social Security or Social Insurance Number.
Letter of Employment from Employer (cannot be greater than 30 days old – obtain pre-approval first).⁣
Last six months of paystubs for salaried applicants.⁣
W-2 for US applicants (last two years).⁣
T-4 slips for Canadian applicants (last two years).⁣
Form P60 tax summary for UK residents.⁣
Letter of reference from your two primary banks (home country).⁣
Last six months of bank statements.⁣
Proof of ownership of assets listed on your mortgage applications (eg. Title, tax assessment, mortgage assessment, insurance, registration of vehicles, investment statements).⁣
Last three months' credit card statements.⁣
Proof of downpayment (where it is coming from) for money laundering purposes.⁣

Get Your Mortgage Financing in the Dominican Republic

Apply Now

Work With Us

With unmatched industry knowledge, extensive experience, and deep local expertise, we're the go-to professionals for all your real estate needs. Whether buying or selling, we'll help you secure the best deal.

Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Financing

IN THE DOMINICAN REPUBLIC

REFINANCE IN YOUR HOME COUNTRY

DR MORTGAGE FINANCING

Where Do You Start?

1. TO OBTAIN YOUR CREDIT REPORT

2. INCOME INFORMATION:

Lending Costs:

What is not possible:

Full Documentation Requirements: (after approval)

Get Your Mortgage Financing in the Dominican Republic

Work With Us

Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Financing

IN THE DOMINICAN REPUBLIC

REFINANCE IN YOUR HOME COUNTRY

DR MORTGAGE FINANCING

Where Do You Start?

1. TO OBTAIN YOUR CREDIT REPORT

2. INCOME INFORMATION:

Lending Costs:

What is not possible:

Full Documentation Requirements: (after approval)

Get Your Mortgage Financing in the Dominican Republic

Work With Us

Get in Touch

Contact Details