Mortgage Panama.us - An Easier Way to Finance Panama Real Estate
Saturday, July 26 2008 @ 12:01 PM EDT
Contributed by: Don Winner
A Note About Company Names: When we first started offering mortgage services to real estate buyers in Panama we established a website - "Mortgage Panama.us which is now up and running as our primary web site and Internet portal. Since then, we have merged with another partner and are currently in the process of expanding the services we offer into other real estate markets in Central America, South America, and the Caribbean. Of course, the first thing we realized is that we have to change our name from "Mortgage Panama.us" to something more generic and less focused on Panama. We decided to call our new and larger company "Orange Tree Mortgage Partners" and we are currently establishing our new website which should be ready in a matter of weeks. Until then, please pardon any confusion our growth and expansion might have caused.
The Basics: A quick overview of what we offer:
- There are no age restrictions or life insurance requirements to qualify.
- Up to 70% financing on condos, single family homes and town homes.
- US citizens, UK and Canadians only (currently)
- Condos, Single Family Homes, and Town Homes all OK.
- Minimal Documentation required
- Buyers need not be present in Panama for closing and do not need a Panamanian bank account.
- Closings held in Panama or Costa Rica.
- Corporate Title OK, Panamanian or CR Foundations OK
- Title Insurance required (obtained through Chicago Title of Central America)
- Investors, Owner occupied, Second homes all OK
- 680 Minimum Credit Score
Are you pre-qualified or pre-approved for a loan?
Before you begin to shop for your Panama home, you should set up a few minutes that we can meet or speak on the phone. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on your Panama property.
To get pre-qualified for a loan, I will collect basic information about your debt, income, and assets. I will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow. This process takes less than 15-20 minutes and will really give us a picture of your options. There is no cost or charges at all to be pre qualified.
It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount. Most developers in Panama will require a pre-approval letter as part of the contract requirements. This process takes less than 24 hours. It is best to do this as early as possible.
To get pre-approved, you will complete a mortgage application online and provide me with various information verifying your employment, assets and financial status. The items required are listed on the Documents required section of our website. The items needed can be sent via fax or e-mail to our offices either in Florida or Panama. Once the application process is complete you will receive a pre-approval letter indicating the amount the bank is willing to lend you for your home or condo.
A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home or condo you wish to purchase. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.
Orange Tree Mortgage Partners: Sean Depasquale has been working with International Mortgages for over 14 years now in the Central Florida area. Featured mortgage broker for the hit TV show in the UK, ITV's "I Want That House", Sean has written several editorials for international property buying magazines and has been featured at the "A Place in the Sun" expo in London, England. Florida Mortgage Partners, Inc (FMP) was formed in 1998 with corporate headquarters in Winter Park, FL. FMP is the leading independently owned international mortgage broker in Florida. Offering loans to buyers purchasing in England, Australia, Florida and the first product ever from a US bank...Panama, Costa Rica, Dominican Republic & Mexico!
We have spoken to numerous US,UK & Canadian ex pats in Panama & Costa Rica about frustrations of the mortgage process by local banks. Most of the time it is the age restrictions, language barriers or possibly the life insurance policies required by all Panamanian banks. Depending on your age this can reduce the term of the loan to such a short period making the payments to high, or disqualify you altogether. After over 1 year in the making we are able to offer a mortgage for US, UK & Canadian citizens purchasing in Panama, Costa Rica, Dominican Republic, & Mexico. A mortgage from a US bank, with no age restriction or life insurance requirements at all. We offer the service and attention that you are used to dealing when dealing with your hometown banks.
FMP (Mortgage Panama.us), has offices in London, Orlando, St. Petersburg & Panama City, Panama. Free refinance and purchase finance seminars are held regularly throughout Panama City, David, Boquete, and Bocas town. We charge no application fees and you can get pre approved on line on our secure server. Clients are treated with the same strict financial privacy as the Panamanian banks. We are members of the PAN AM Chamber of commerce, the Orlando Regional Board of Realtors, The International Real Estate Council and we are regulated by the US Department of Banking.
We are proud to offer our services directly to the client. We also have exclusive offers for Developers & Real Estate Agents!
Please take a look at our site and let us know if we can help answer any questions for you. We will be adding new updates to the site all the time so please keep checking back.
- Products offered are all Principal & interest mortgages, no interest only is currently available.
- All loan terms are 30 years, with fixed periods of either 1, 3, 5 or 7 years.
- Rates on mortgages from American banks will be slightly higher on average of 1% -1.5% than what Panamanian banks may offer. However, it is very important to consider the following when comparing rates between US and Panamanian banks:
- US banks do not require life insurance like Panamanian banks do. This is required to be renewed every year you have the mortgage. Depending on your age and health this could easily add $1000.00 or more to your annual mortgage payments. With this in mind the effective rate of a US loan on your payments will actually be less! Also, US banks do not charge the 1% FECI tax charged to second homes and investors, or if you are not a Panamanian citizen. This is Panamanian Law, if you are looking into a Panamanian bank loan be sure to confirm this charge as they will not always quote it.
- Rates change daily in the US. For this reason we do not post rates. Please call or email us for the most up to date and most competitive rates available for foreigners purchasing in Panama!
- US banks do not charge a "FECI" tax (1%) on top of the interest rates to foreigners.
- Prepayment penalties are for the first 3 years only. If loan is paid off the first year penalty is 3% of the amount borrowed. Second year is 2% of the amount borrowed and if redeemed the 3rd year it would only be 1% of the original amount borrowed. Buyer can pay up to 25% of the principal balance extra per year for the first 3 years with no penalties.
- MORTGAGE PANAMA.us (DBA-Florida Mortgage Partners, Inc.)
- Office Location: 301 S. Orlando Ave, Winter Park, FL 32789
- Telephone Toll-Free: 1-866-400-1436
- Cell in Florida: (407) 620-9898
- Alternate Contact: Michael Thompson Cell Phone Number (727) 481-6969
- Via Email: firstname.lastname@example.org
- Visit Our Web Site: www.mortgagepanama.us