Mortgage loan rates

Peter (Moderator) says on Dec 29, 2007, 12:30:

I'd like to hear some more info on this too :)

Poor but snappy

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Lowell says on Dec 29, 2007, 14:12:

Not a Colombian? I kind of doubt it.

Alfred E. Newman. "What. Me Worry?"

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bartolo_colon says on Dec 29, 2007, 14:20:

I believe it is about 25% APR and 5-15 year term, primarily for Colombians. Your best bet is home equity loan in your own country.

Hey, careful, man, there's a beverage here!

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wendell13 says on Dec 29, 2007, 14:32:

There a few banks in Colombia that give mortgage loans to foreigners. I know Davivienda is one of them. The rates are a lot higher than in the US.

My novia was checking at a few banks here in Cali....Most said no but there were two or three that said yes. I can't remember the names of the other ones.

I don't have any more details at this time

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cdy says on Dec 29, 2007, 14:34:

It is my uderstanding you cannot get a loan from a Colombian bank unless you are a citizen.
You might try BBVA they are an international bank with a presence in US and Latin America.
However I don't think you will be successful. As a comparison there are some banks in Panama lending money to gringos, however you need 30% down and I believe the rates are mostly adjustable. They have been loaning money to Gringos in Panama for a number of years and it is still a hassle. Most people borrow using a home equity loan on their US based property. (where the rates and terms are not nearly as attractive as they were a year ago.)

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Ctg Bound says on Dec 29, 2007, 15:37:

You can get loans from banks in Colombia, wether a foreigner or a Colombian, I know on foreigner personnely who had a Colombian Bank loan a few years back, he was only in Colombia on a business visa and not a resident.

Another person posted on here that he had a mortgage from a Colombian Bank a year or two ago.

Mortgage rates are expensive, although not as high as 25%, say 1.2% a month or a bit more, about 16% APR or so, I am not up fully up to date on the present rates though.

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Gator says on Dec 29, 2007, 17:30:

Very, very tough to get based on what you posted. Rates will be 20% plus. You might go the Banco de la República web site and see what the prevailing rates are today.

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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tejasmarcos says on Dec 30, 2007, 08:35:

TO GET A MORTGAGE:

1) you have to be a citizen or married to one.

2) everything i found was fixed rate (14-16%) with no more than a 15 year term.

3) 20-30% down.

4) i spoke to bancolombia, bbva, davidienda y banco santander at the last homebuyer fair in new york (september 2007).

* note: although the banks did give me bits and pieces of information, they did not convince me that they really knew what they were talking about. also, because of privacy concerns, most (or all) banks will not release their turndown ratios or re-approval ratios (ie. denied for this, but approved for that instead).

* if the new foreigner ownership incentive laws are passed, you should see some type of new mortgage product become available. maybe not immediately, but sometime thereafter......

trying to walk a straight line on sour mash and cheap wine...

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lpdiver says on Dec 30, 2007, 08:40:

There are some government sponsored housing loans that are very attractive. They are for citizens only. And most gringos would not live in the neighborhoods where these homes would be located. However, it is an option for some situations.

t

"cook some rice!"

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harris3499 says on Dec 31, 2007, 10:40:

Thanks to you all for the information. Much appreciated.

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