Mortgage in Colombia

TonyMattei says on Oct 25, 2007, 15:57:

yes i can help you on buying your house in santa marta please email me at anthonymattei at saggiodream.com subject heading tony i want to go to colombia
talk to you soon

Timba says on Oct 26, 2007, 05:24:

Colombia ain't Kansas.
You had better check what the interest rates are in Colombia and if you can even get the money.

BAQ says on Oct 26, 2007, 08:51:

The interest rates for a home are around 13%, credit cards are around 26% and cars are around 19% and those figures are on the LOW SIDE. You will need to have residence here for about 6 months BEFORE most banks will open an account for you, then another 3-6 months of HISTORY with the bank before they will consider extending you credit. To get the dredit, you MUST PROVE a steady monthly income and a HISTORY of that income.

If you have CASH, you can buy a home with only your passport. Also know that these AGENTS are not free, even if they do not charge YOU, they are charging the seller usually 6-8% of the selling price so you still pay in fee in the price of the house.

ALSO know that Colombia charges a SALES TAX when you buy your home, As TIMBA said, you are not in Kansas

Semper Fidelis !

SamGompers says on Oct 27, 2007, 08:20:

If you already own a home - - the better route might be to take some equity out of your house to pay for the S.M. apartment en todo . . . much lower interest rate, less complications on the Colombian end.

TioJoe says on Oct 28, 2007, 02:36:

$10000-20000 with a $5000 down payment -- equates to a 5 to 15 thou loan with a few additional expenses. Hell put it on your credit card and save yourself a lot of aggravation. The home buying process is complicated enough with out trying to get a loan from a Colombian bank to add to the confusion.

robi666 says on Oct 28, 2007, 14:28:

You'll not get a loan in Colombia.
Anyway, you can try to ask the seller if he will agree to be paid in rates. You can make a private contract between you and him, no banks involved with the property as warranty.

I had a look at your blog. Good work!

With 10k - 20k you'll be looking for a very modest house in estrato 4 and lower. Or something nicer in the rural area. It depends on how you want live.

You can try Minca or Calabazo, for example.
Do not expect to buy a nice house in Taganga for that money. I wouldn't live there.

Just one thing i red on you blog:
"The people are so relaxed that the government doesn´t send any police. To not see police in a Colombian town is unheard of until now."
Tagangueros is a big mafia, that's why you do not see police there.
Good luck!

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

pedro says on Oct 28, 2007, 15:34:

Depends what you have to offer as security in Canada and Colombia.

I haven't approached Colombian banks, but I think you'd find it difficult and have better options in Canada.

If all else fails, try informal loans with family or acquaintances in Canada. Or a service like this: http://www.prosper.com .

You can get informal loans in Colombia, from regular people and also para-militaries. These loans are usually unsecured, however that doesn't mean there are no consequences if you default...

que nota!

vicshere says on Oct 28, 2007, 15:39:

your assets in Canada have no bearing on whether you can have a mortgage from a Colombian bank
and loans from family and Paras run about 4-8% per month and that's not called a loan that's highway robbery

listo

Tinto (Moderator) says on Oct 28, 2007, 15:45:

Re the link above about www.prosper.com - unless they've changed the rules, you must have a U.S. social security number to borrow or lend. I participated as a lender for a brief time about a year ago and decided it's a better deal for borrowers than lenders. If you have very good credit, you can borrow up to $25K USD at 8 - 10%. That's not bad for unsecured, low-documentation loans.

Note: the term for Prosper loans is three years.

poco says on Oct 28, 2007, 19:22:

Quote: 4-8% per month and that's not called a loan that's highway robbery

No, that's the current rate. Secured loans are 3% to 5%. Anything over that and you won't have "official" help in case of default. Unofficial help is easy to obtain and forclosed owners become Desplazados.

"Violence is the first refuge of the incompetent" - Isaac Asimov