How to arrange a mortgage in Panama?
In the Panamanian market applications there are several deals on the banks agreed to provide financing. What is important when purchasing a mortgage is to analyze the years of the mortgage, the interest you paid and especially if the bank is serious for this kind of procedure.
Preferential interest law, ranging from 2% for houses or apartments with a sale price up to 100% of the sale price of a house or apartment and independent people who do not have a fixed salary from 80% to 90 %, with terms of 30-35 years, with an approval about 15 days once all documentation submitted.
Let’s do an exercise if you have a family income of about US $ 900.00 per month, you can opt for a mortgage of up to $ 60,000.00 with a monthly letter approximately US $ 280.00
While the monthly income is higher, you can opt for a higher mortgage. The best practice before you start searching for an apartment or house, you go to a bank to make you a pre-approval. This pre-approval detailing to you as it is the amount the bank approves you for a mortgage, this is the basis to start the search and you will have a marguen to search with greater certainty.
Banks mortgage indebtedness calculated as 30% of family income for housing and in some cases, depending on the profession and the activity in which it operates, up to 35%; 20% for personal consumption expenditures. This means that maximum borrowing monthly family income is 50%.
The documents call for banking institutions: (These vary between banks).
1. Copy of personal identity card
2. A second identification.
3. Fill the form of mortgage.
4. Letter of authorization to obtain credit references of the Panamanian Association of Credit.
5. You can present a model of the promise of sale. (This is if you have one).
6. Working Charter if wage and if independent, copies of tax returns for the last three years or bank account movement of at least 1 year.
7. Copy of social security card and if employed public copy of the last two check stubs only in the case of employees.
The procedure for approval of the loan may be taking about 15 days to 30 days.
Once approved, the requested mortgage loan, you must sign documents accepting the corresponding mortgage bank so that the bank provides the seller make the irrevocable promise to pay. At the time you sign letters of acceptance, the bank will notify the appropriate time of closing costs, which is money that you must also have the down payment that has agreed to purchase the property.
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