For many property owners in the Caribbean, buying their dream home meant high interest rate private mortgages, or paying cash. For those who decided to finance their homes, now is a great time to refinance into a conventional mortgage. We have access to conventional Caribbean mortgages that will lower your cost of ownership and save you money every month on your housing costs. If this is an investment property for you, the spread in interest rates could be the difference between your property losing money every month or making you money; in effect paying for your Caribbean vacations.
Refinancing is easy to do, although there are some income and credit requirements, the process is not as tedious as it can be at home. The lenders still rely heavily on equity here, so chances are if you were able to purchase the property with private financing, you have enough equity now to refinance it at a lower interest rate.
Conventional financing can be difficult to qualify for through the Caribbean banks; now is the time to take advantage of non bank lending options that are available to those with the right types of properties throughout the Caribbean.
