Chief among our financial institutions offerings is a home mortgage. This is a regular Ecuadorian mortgage. They require 30% down and terms can run up to 15 years for repayment. The interested rate is 10.75% per year, the standard price in Ecuador. You can repay your mortgage at any time with no penalty or extra fee.
What documents will you need to qualify?
2. Permanent Visa–if you don’t have a permanent visa yet, we can organize this for you if you wish.
3. Last three years of tax filings in your country.
4. Credit score in your country.
The property itself can be used for collateral.
Our lenders will also offer building/construction type loans at the same terms.
Also available are “cash collateral” deals. If you have cash, an IRA, or a 401(k), you may be able to use that cash as collateral. These deals allow interest rates of just 7.5%, 30% down, and up to 15 years for repayment. At the end of the term, you receive all your cash back. It’s like a retirement account that you pay into and then receive a large cash payout at the end of term.
For a cash collateral deal, no visa is necessary. The cash can be held in the United States and insured by the FDIC.
Vista Pacifica is pleased to be able to offer our clients these and other financial services to make the buying process simplified and convenient.
Fees and other honoraria for the transfer of the title is 3% to 3.50% (approximately). These are standard fees for all transfers of title in Ecuador.
The bank does not charge anything to process the loan, however there are fees associated with the processing of your loan and gathering of paperwork for submission which will run between 2 and 3% depending on the nature, structure and amount of the loan
This fee can be included in the amount of the mortgage if you wish. Payment of this fee takes place once the loan has been officially approved by the bank and before you receive the funds.
The total expenses associated with the loan will be 5 to 6%, about what you would pay in the United States.
If you have any other questions or would like further information please let us know and we will put you in touch with the loan processor to assist you.
In House Private Mortgages
Vista Pacifica is pleased to announce a very special program for those clients that would prefer to work through the developer in obtaining financing without having to qualify as follows:
1. Put 50% down of the purchase price of the lot of your choice at zero percent financing and payable within 4 years.
2. Put 30% down of the purchase price of the lot of your choice at 8% interest per year, amortized over 20 years with a balloon at 4 years.
There are no qualifications to meet, you do not need to be a resident and your payments can be deposited/transferred in either the USA or in Ecuador for convenience.
Contact: Larry Pioli, email@example.com