We are happy to announce that we can now offer conventional mortgages in the Cayman Islands! With down payments as low as 20% for non residents looking to buy a vacation and investment properties, more buyers can now realize their dream of owning a home in paradise.
Advantages of a Conventional Mortgage Over Private Financing
Conventional bank mortgages have a number of advantages over our traditional private and non prime financing. First off, we can now get clients in with 20-30% down versus 50% down. The amount of down payment required by most of our lenders can be a big obstacle for many clients looking to get into the Cayman market.
Secondly, bank rates are lower, meaning it’s easier to carry the costs of your investment property. These mortgages are a great long term option; private financing although ideal for the short term, are not a great option over the long term.
Qualifying for a Conventional Mortgage
Qualifying for a conventional mortgage in the Cayman Islands can be more difficult than the US or Canada. You will obviously need clean credit, strong income (supported by income tax filings), and a nest egg to cover payments should your property not get rented out. Of course the property will also have to be a highly marketable.
The one down side or challenging part of qualifying for a mortgage in the Cayman Islands (as it is throughout the Caribbean), is the amount of time needed to get approved. You can count on 4-6 weeks just to get a commitment letter, so make sure you plan accordingly when making an offer on your new home.
Conventional Loan Options in Grand Cayman
We can offer financing on a number of different property and loan types through our network of mortgage lenders in the Cayman Islands. Our lenders offer financing for purchases, refinances, construction financing and land loans. Qualification can differ based on the different loan types, however there are options available.
Talk to us today about all of our mortgage options in Grand Cayman. We have all the options available to make sure you can get financed for your new vacation property the Cayman Islands!
