Hey, Anybody have any experience with an overseas or international mortgage loan? I am seeing the rates are low compared to the Belizean Banks and wanted to see if anyone had any feedback or info? Any other ideas for mortgage loans?
US and EU banks have always refused to loan in Belize and other countries because of the difficulty in valuation and foreclosing. Loan rates are also based in part on currency stability. Loans in US- low rate. Loans in Greece or Argentina -astronomical. A BZ bank takes the risk that money will devalue and they will be paid back in worthless BZ money.They can not ask you for US Dollar repayment by law.
Refinance your house in the States and use that for your house in Belize.That way you get the low interest rates available in the States and a house in Belize. You could also use a home equity line of credit. Its hard to get mortgages from one country to buy a house in another. I was looking at houses in Sweden and was told by a Swedish banker they don't normally do them unless I could put up property of comparable value such as stocks or bonds.