To purchase property in the DR, you likely can’t get a standard mortgage from your domestic bank the way you would when purchasing in your home country. Most banks in the United States and Canada won’t finance the purchase of foreign property because they won’t take a foreign asset as a security for the loan.
Dominican Banks will sometimes provide mortgages to foreign buyers. However, the rate isn’t great compared to what you’d get in North America and the application process can take a really long time.
- At Dreaming DR, when you purchase a home at Ocean Village Deluxe, in-house financing IS available. The rate is 5%, with only US$100K required for a downpayment.
- For both Villas Marinas and Seawinds, there is NO in-house financing.
Other possible sources of financing:
- Funds in your retirement account
- Equity from your primary residence in your home country
- Business or personal loans for a down payment
- Certain banks, like HSBC, that offer mortgages for international borrowers