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| Up until
recently, property purchases on Ambergris Caye were either cash purchases
or were a combination of cash and Owner financing. Owner financing
depended on the financial needs of the owner and several years ago,
a “10/10/10” deal – 10% down, 10% interest, 10 year
amortization was not uncommon. As the market values of properties
were increasing between 15% and 40% per year, owners soon realized
that such financing was not in their best financial interests! Some
owner financing is still offered but terms today range from 30% to
50% down, 10% interest, amortized over 5 to 10 years but with a 3
to 5 year full balloon payment.
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During the
last year, several new financing options have become available for
foreign purchasers. A new U.S. based mortgage company is now offering
mortgages to U.S. citizens with the standard down payment of 30%,
interest rates around 7.5% and amortization up to 20 years! Depending
upon your credit worthiness, these terms can even be improved!!
Application forms are available through us!
Local Belizean banks have joined the market of mortgages
for non-resident purchasers with terms similar to the U.S. mortgage
company and we have applications forms available for this local
financing as well!
CALL OR E-MAIL YOUR
QUESTIONS TO US! |
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