Types of Financing Available in Dominican Republic

Dominican Bank FInancing

For most people, buying a property represents the single, largest financial commitment they are ever likely to make. And if you are purchasing abroad – Punta Cana Lifestyle Real Estate always and without exception recommends that purchasers take sound, independent financial advice, before getting too far down the line when they are thinking of buying a property in the Dominican Republic.

The information in this guide is of a general and orientative nature. It goes without saying that everyone’s personal circumstances, needs and requirements are entirely individual and for that reason, there is absolutely no substitute for consulting a fully qualified financial adviser in order to seek their unbiased, specialist advice regarding mortgages and currency exchange.

The Punta Cana property market has changed beyond recognition since the boom years that shaped the new millennium. And in pretty much every respect, it has changed for the better. Property prices are realistic, contracts are more transparent and the choice is greater – and confidence has returned. You can keep abreast of all the latest news and emerging trends relating to the Dominican property market, including mortgages and more, by checking out the Punta Cana Lifestyle Blog.

Getting a mortgage in Dominican Republic
Although the majority of our clients are usually cash buyers, or choose to finance the purchase of their Punta Cana home through or equity release of their property back home, currently around 15% prefer to opt for a Dominican mortgage instead.

Mortgages in Dominican Republic are considerably easier to obtain nowadays, with some banks offering Second Home Loans programs to residents of Canada, United Kingdom and United States- including Puerto Rico.

Even so, lending criteria are still tighter than it once was. So you need to have your own finances in order – transparent, accurate, up-to-date and solvent obviously – it is also vital to seek expert, independent advice. And while the majority of loans granted these days are a fixed rate for one year, Punta Cana Lifestyle Real Estate can help you to locate a financial advisor who will work with your interests at heart, in order to help track down a mortgage or financing option that best suits your financial situation.

See Bank Financing for Dominicans with Residency

See Bank Financing for Foreigners

See Rent to Own

 
For Additional information on taxes, closing costs and financing options- please fill out the form below- one of our agents will be in touch shortly.