A lot of the inquiries we get here at Carib Capital is not of the usual variety. By usual we mean typical mortgage size, they are bigger for the large price tags on Caribbean property. If you are needing a big mortgage in the Caribbean, you have come to the right place!
We have several options for big mortgages down in the Caribbean. We have fully qualifying ‘jumbo’ mortgages, through a big bank. These loans offer excellent mortgage rates tied to the libor, which are by far the best offering we have for our clients. The only draw back to these jumbo loans is the fact you need to qualify, which can be difficult on large mortgage loans. Due to the nature of US and Canadian tax returns, showing a lot of net income is not ideal, which works against you when applying for a mortgage in the Caribbean.
Our second option is a non qualifying non prime mortgage. These loans are much easier to qualify for however they do come with higher rates and terms. For those who cannot qualify with a local bank, these are a great option to purchase your new property.
If we are able to qualify you for our jumbo mortgage for high net worth clients, the rates will be very good; around the 4% mark today although it does fluctuate with the libor. There are lender/broker fees as well. In terms of mortgage rates in the Caribbean, they don’t get any better than this product. Again, qualification is required and it is not always as easy in the Caribbean as it is in the US or Canada where exceptions are more common for high net worth individuals.
Our non prime loan will come with higher rates, usually starting at 8%. These rates are also variable and will fluctuate with the US prime rate. There are similar fees for these loans from lender. Although the mortgages do not need to debt service the same way the banks do, there are the usual requirements in terms of documentation. Primarily however, the property and location will be key to the lender approving this loan for you.
If you are in the market for a ‘big’ mortgage, contact us today. We will walk you through the options and lay out a plan for getting you into your new Caribbean property!