Conventional Mortgages in the Caribbean
**PLEASE NOTE: We are not Currently Offering any Bank Financing**
Traditional bank financing can be a challenge in the Caribbean. The banks are lending to the right clients on the right properties, however the process can be slower and more tedious than you may be used to at home.
Conventional bank mortgages are your most cost effective option when they are available. The process can be difficult and you have to make sure you have plenty of time to close. The options we have are for US, Canadian and UK borrowers where the maximum loan to value is 70%, and the minimum loan is $250,000.
How do Conventional Bank Mortgages Compare in the Caribbean?
Interest rates are not as low in the Caribbean as they are in the US or Canada. The amortizations in some cases can be shorter (usually 15 years) than clients may see back at home. In short, count on your payments being higher even on a bank mortgage than you would pay on a similar loan at home.
The biggest difference however for many clients, is the down payment required on a conventional mortgage. Part of the reason for this is most residents of the US or Canada don’t realize how much non residents of their countries have to put down on properties. In the Caribbean, you will generally need 30% down if you are a non resident.
Alternatives to Bank Mortgages
Ideally bank mortgages would be easy and plentiful; unfortunately this is not always the case. We can offer bank mortgages in only select locations, along with our jumbo loan. These jumbo mortgages require more down payment than a typical conventional mortgage however the rates are very low and qualification can be a bit more lax than a typical bank mortgage.
If you are not looking for a million dollar mortgage however, and there are no conventional mortgage options in your desired location, private financing is likely your best bet. Reliable lending partners and easy qualification allows you to purchase your vacation home sooner.
Talk to us today about conventional bank mortgages, and the alternatives to them we have here in the Caribbean.