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Mortgage and Financing

Mortgage and Financing

You will find the mortgage financing process in the DR similar to the States or Canada, but slower, and with more paperwork required at the outset such as income/tax documentation from your home country, appraisal, etc.

To purchase property in the DR, there are two options:

1. Refinance an existing property in your home country to pay for the DR purchase:

  • Often a better option as rates are better
  • More mortgage products are available to you
  • It takes less time

2. Place a new, first mortgage on the DR property being purchased;

  • Interest rates are between 7-10% in US dollars
  • Amortizations up to 20 years
  • 30% downpayment required
  • The approval process is similar to that of North America, with lenders requiring similar documentation
  • You can be self-employed


Steps to Obtaining Mortgage Financing in the DR

The first step in any mortgage approval process is to find out information
about the people purchasing, the property details of what you want to buy, how
much you want to spend or have offered already, and when it all needs to come together!

Remember, if you need to sell your property in your home town, we can do that for you.

The following outlines the basic steps and documentation requirements
for obtaining foreign mortgages:

Step 1: The Application

We will ask you about your personal information, details about the property,
and obtain your credit bureau report.

Step 2: Approval
Based on the information given, we will submit the application to the appropriate lender and ask for a `conditional mortgage approval`.

Step 3: Supporting Documentation
The lender will verify that the information given is accurate. You may be required to obtain a letter of employment, income tax forms, etc. In addition, an appraisal of the property to be purchased will be done. For US or Caribbean lending, other documentation, like your passport, will also be required. Below is a partial list of required documentation:

  • Mortgage application properly filled out and signed
  • Colour photocopy or scan of passport(s)
  • Latest income tax documents (Notice of Assessments-Canada, Tax Documents – US & Britain)
  • Employment letters and pay stubs
  • Bank statements from last three months
  • Copy of TransUnion credit bureau (we will show you how to obtain this)
  • Purchase agreement for property to be purchased
  • Source of downpayment (investments, savings, etc.)
  • Appraisal (ordered by lender)

Step 4: Funding
Once all the conditions on the mortgage approval have been satisfied, the lender will instruct your property lawyer to pay the seller and release the keys – to you!
Please allow 3 months – DR mortgage lenders/banks can be very slow.


For new properties, it is imperative that title and Deslinde be complete in order to obtain mortgage financing. We have a few developments and projects where mortgage financing is possible before the title process is complete. Please ask us for more information.

Foreign property lending is a very exacting process. We are happy to explain the ins and outs and get you started on owning your own investment or holiday real estate.

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