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Getting a Belize Mortgage
You've decided to buy property in Belize. Is a mortgage available, and if so, is it a reasonable rate?Since Belize is both in the Caribbean and Central America, what about the rules? Well Belize is governed under english common law, so a lender can lien your property just like he can in the US, Canada or the UK. The rules can vary for sure, but Belize is as safe as the Bahamas for holding real estate. Whether a Central America real estate loan is available is likely dependent on finding owner financing. Caribbean financing depends of course on the country involved whether you have any protection and therefore potential lenders. In Belize there are banks who will finance with about 30% down and will charge a rate about 4-5% higher than home. There is one US lender who will provide you with a home loan at close to US rates and 100% financing, but only in Belize.
Currently they are talking about providing financing to Canadians as well and possibly Europeans soon.
opens new window Wherever you arrange a home loan or any other form of financing the lender will do a credit check. Sometimes there are issues which can appear on your credit report which can reduce your FICO score and either cause you to be rejected or worse, pay a much higher interest rate. Click the link below for information about your entitlement to a free credit check, and lots of information regarding all credit issues.
Good luck with your Belize mortgage.
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