Lots of foreign investors are seeking Cayman Islands houses for sale without knowing how to secure a mortgage. Given their low crime rate, stable economy, and unlimited sunshine, the Islands are attracting homebuyers globally. The Islands’ real estate sector has made a powerful comeback after the great recession and individuals are noticing. Whether you are a savvy investor or a retiree – or both – who are looking to diversify your portfolio, the islands are certain to feature a property that suits your desired criteria. Unless you possess the capital to acquire real estate in cash, you will have to get a mortgage. This article offers a couple of tips to remember when trying to get a mortgage on the islands.
Get pre-approved
Buying a home is a crucial investment, so it’s critical to speak with a mortgage loan expert to be pre-qualified before ramping up your real estate search. There are several banks on the islands, and mortgage rates vary according to the bank. Rates on the islands are based on prime plus two or one points according to your credit rating, residency status, and income level. Loans are usually amortized over ten to fifteen years, with some lenders even offering terms that are up to thirty years.
It is an excellent idea that you should discuss your individual requirements and goals with varying lenders so as to get the best terms possible when seeking a Cayman Islands property for sale. To expedite your pre-qualification process, bring all necessary paperwork along during your visit. Call in advance to obtain a detail list of documents required by banks.
One other useful information source as regards the process of getting a mortgage is your real estate agent. He should be capable of giving you guidance beginning from the pre-qualification stage right up to closing.
Resident buyer
Requirements for non-resident and resident buyers might vary from one lender to another. To be taken as a resident, the lender could require a residency period of a minimum of six months. The benefit of seeking a mortgage with a resident’s status is so you can be able to put down less money on the property than somebody that’s a non-resident. The needed percentage down payment varies between varying banks, but you should anticipate between five and twenty percent.
Non-resident buyer
It is commonplace to obtain a mortgage as a non-resident in the Cayman Islands, but the bank or lender might require you to put a larger deposit (30% approximately) down. In addition, you will be capable of opening your own bank account on the islands for you to get a mortgage from local lenders. The account could be opened as a corporation or under your own name.
Following the great recession’s economic turmoil, the islands have rebounded. After their resurgence, they have proven to be among the topmost options among a truly diverse group of homebuyers that are seeking Cayman Islands houses for sale. With a wide collection of industry experts that are prepared to assist every step of the way and a truly stable real estate market, getting a mortgage and closing on your dream Cayman home is easier than ever.
