Portofino Resort- Now with a new BEACH BAR!!
Topic Options
#438929 - 05/26/12 02:57 PM Recourse Mortgages?
BelizeanHopeful Offline
I was in Belize for the first time a couple months ago, and my wife and I are thinking of purchasing a property in Ambergris Caye where we could live for several months of the year.

I spoke to a bank in my city, and they told me they will not give a mortgage on Belize property. But, I have heard that I may be able to get financing through a Belize Bank.

Does anyone know whether mortgages or loans from Belize Banks are full recourse? If I cannot make my payments for some reason and the Belize Bank takes my property, can they also take my assets in Belize (or in Canada)?

I did ask around but did not get a clear answer on this.

Top
#438930 - 05/26/12 03:29 PM Re: Recourse Mortgages? [Re: BelizeanHopeful]
Chris Offline
"If I cannot make my payments for some reason and the Belize Bank takes my property, can they also take my assets in Belize (or in Canada)? "

No, they can't. But, don't make the mistake of signing over any U.S. based property to the bank as that would change the equation.

In any case banks in Belize are very unlikely to lend you more than 60% - 70% of the value of the asset you're purchasing. Belize law won't allow them to. This means that if you did have to default the bank would be in good shape without having to think about going after other properties you own.


Edited by Chris (05/26/12 06:13 PM)

Top
#438949 - 05/26/12 11:04 PM Re: Recourse Mortgages? [Re: BelizeanHopeful]
TravelinMan1 Offline
You should keep in mid that the interest rates here are very high 8% will be the lowest you will find on USD loans through the bank. Also the notes are demand notes and the interest rates are variable.

My advise is to leverage assets in the US and pay cash here in Belize.

Top
#438974 - 05/27/12 02:45 AM Re: Recourse Mortgages? [Re: BelizeanHopeful]
GwenA Offline
Also, the way they structure mortgages is they figure total interest over the course of the loan, structure payments around that, and that becomes your mortgage. You can pay it off early, but you still pay the total loan. Unlike in US, you pay the loan off, you only pay the interest up to that day.

Top

Links
Click for excellent scuba lessons with Elbert Greer!


Things to do

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
Love FM
The Reporter
Caye Caulker
Chronicles

PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
iTravel Belize
Paradise Theater

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Bound for Belize
Conch Creative
As The Coconuts Drop
More Blogs...
Search thousands of Belizean-only websites
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Conch Shell Inn: All rooms are right on the beach in the heart of San Pedro, so within walking distance to anything and everything!!
Lilí Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
Mini Chat

Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
December
S M T W T F S
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
Who's Online
0 registered (), 92 Guests and 5 Spiders online.
Key: Admin, Global Mod, Mod
Forum Stats
18,673 Registered Members
44 Forums
64,048 Topics
462,276 Posts

Most users ever online: 1,262 @ 06/10/07 07:16 PM




AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com SanPedroDaily.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.