What are the home mortgages like in Belize? How long are home mortgage terms and how much down payment is required?
Boris Mannsfeld - Boris Mannsfeld & Associates
Normally, the banks in Belize will require 50% to 60% down. The term may be up to 25 years, although most are shorter. Interest rates are between 11% to 15%.There is some owner financing. Most owners, if they do offer financing, will offer a short-term note, perhaps of 3 years, at 7% interest.
Most of the people pay cash for their homes in Belize.
Normally, the banks in Belize will require 50% to 60% down. The term may be up to 25 years, although most are shorter. Interest rates are between 11% to 15%.There is some owner financing. Most owners, if they do offer financing, will offer a short-term note, perhaps of 3 years, at 7% interest.
Most of the people pay cash for their homes in Belize.
Posted December 1, 2014
Kate Corrigan - Caye International Bank
We lend on properties not only here in Belize, but also in Nicaragua, Panama, and Costa Rica. However, here in Belize, we do have an extensive wealth knowledge based on how long the bank has been here.
We lend 50% loan to value, so you have to pay 50% of the value of the property. From the perspective of foreigners, the interest rates here are quite high. We lend at 11% to 13%, which is standard in Belize. When most people hear this they gasp and...
We lend on properties not only here in Belize, but also in Nicaragua, Panama, and Costa Rica. However, here in Belize, we do have an extensive wealth knowledge based on how long the bank has been here.
We lend 50% loan to value, so you have to pay 50% of the value of the property. From the perspective of foreigners, the interest rates here are quite high. We lend at 11% to 13%, which is standard in Belize. When most people hear this they gasp and say, “No, I will go to something else…” but usually they cannot find any other better lenders in Belize, so they come back to us for the loan.
The loan term is usually 10 years at 11% to 13% interest rate for US dollar loans, but we can amortize it. Each loan application is viewed separately. We personally go and visit the site as well. We also offer development loans. If you buy a property or a piece of land and you’d like to change it, we’ll work with you on that, too. We know most of the developers – at least the good ones that we would lend on here in Belize. We are always looking to offer loans and we always encourage people to invest in Belize.
Every loan application is viewed differently. They are all personally put before the board, the management and the lending finance committee. This can be done very quickly and as matter of course for each loan, once all the information is presented.
Each person receiving a loan from us has to have a bank account with us. That allows us to do all our due diligence to make sure that we can hold an account for you. Once that’s done, we then need to have all the information from you, such as the title, an independent assessment, etc.
Not only can we lend in US dollars, but we can also lend in Swiss Francs, Pounds, Euros, and the Canadian dollar. We are an international bank, so we do not lend in Belize dollars. Banks in Belize are classified in classes. We are a Class A, which is an international bank and we only work in foreign currencies; we do not work with the Belize dollar at all. What you would do is you get your loan and have it on a holding account here, which we will filter into Belize dollars, as you want it.
Posted December 1, 2014
Rachel Jensen - Grand Baymen
Mortgage rates in Belize vary depending on the bank and developer. Generally interest rates are around 8-13%. The most common terms are 50% down, 11.5% interest, 10-year amortization.
Mortgage rates in Belize vary depending on the bank and developer. Generally interest rates are around 8-13%. The most common terms are 50% down, 11.5% interest, 10-year amortization.
Posted December 10, 2014
Archibald Brown - RE/MAX Belize Property Center
Non-residents can obtain financing for the purchase of homes in Belize. The terms and interest rates will vary from one institution to the next ranging from 8% to 15%. Atlantic International Bank offers financing for non-residents where a client is required to open a US dollar account and collateral must be located in Belize or cash secured. They will finance up to 60% and the borrower will have to put 40% down. They have a relatively low interest rate of 9.75% and a loan can be amortized...Non-residents can obtain financing for the purchase of homes in Belize. The terms and interest rates will vary from one institution to the next ranging from 8% to 15%. Atlantic International Bank offers financing for non-residents where a client is required to open a US dollar account and collateral must be located in Belize or cash secured. They will finance up to 60% and the borrower will have to put 40% down. They have a relatively low interest rate of 9.75% and a loan can be amortized up to 15 years with balloon payments. The interest is usually calculated on the reducing balance and the loan has to be re-paid in US dollars as well. Posted March 20, 2015
Gwido Mar - Grupo Mar Realty Ltd.
Banks in Belize require a larger down payment for home mortgages than in other places in the world. In some cases, the banks here require as much as 30% to 40% down. They will finance for maybe 15 to 20 years and the interest just come down to roughly 10% to 11%. For foreigners, the banks would require at least 45% to 50% down payment, but most foreigners pay cash. That is probably because they have sold their properties and they liquidated their assets...
Banks in Belize require a larger down payment for home mortgages than in other places in the world. In some cases, the banks here require as much as 30% to 40% down. They will finance for maybe 15 to 20 years and the interest just come down to roughly 10% to 11%. For foreigners, the banks would require at least 45% to 50% down payment, but most foreigners pay cash. That is probably because they have sold their properties and they liquidated their assets before they came to Belize. Very few foreigners get a mortgage here in Belize.
(Caye Bank building, pictured.)
Posted April 14, 2015