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Thread: Financing

  1. #1
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    Financing

    Hi everyone,

    reading all your posts is so incredibly helpful. I just posted a few weeks ago and I’m sorry to post again, but I’m wondering what everyone’s experience is with financing for those who did? I have the down payment and other things figured out, but I sent my info into Aruba bank this past week and it takes a bit I guess to hear if financing is an option for me. It’s stressful because I’m waiting to hear back before doing anything else. I’m curious how long it took others to hear and how easy approval is? If I was in the US I would not be even remotely anxious but I don’t know if financing is hard to get in Aruba or not. My income and credit score are decent, not amazing and my only real debt is student loans of about 60k.

    does it seem likely to get approved in Aruba or is this difficult to do? I’m so excited to join everyone and have my a place in my happy place.
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  2. #2
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    Quote Originally Posted by Ptrippe View Post
    Hi everyone,

    reading all your posts is so incredibly helpful. I just posted a few weeks ago and I’m sorry to post again, but I’m wondering what everyone’s experience is with financing for those who did? I have the down payment and other things figured out, but I sent my info into Aruba bank this past week and it takes a bit I guess to hear if financing is an option for me. It’s stressful because I’m waiting to hear back before doing anything else. I’m curious how long it took others to hear and how easy approval is? If I was in the US I would not be even remotely anxious but I don’t know if financing is hard to get in Aruba or not. My income and credit score are decent, not amazing and my only real debt is student loans of about 60k.

    does it seem likely to get approved in Aruba or is this difficult to do? I’m so excited to join everyone and have my a place in my happy place.
    What kind of rate did they quote you in Aruba? When we bought 15 months ago, rates in the US were under 3%, and rates in Aruba were double that around 6%. So we did not even consider looking at Aruban Banks. I think if most people can afford a second home in Aruba, they generally have good equity in their US home and refinance, then pay all cash for your new property in Aruba. You will have to show lots of documentation for where the money for your new purchase is coming from. I sold a couple rental properties here in the states, and had to show ALL documentation, offers to purchase, closing statements, etc. All in all the process went fairly smoothly. Having a great realtor working with us and guiding us through the process was priceless.
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  3. #3
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    I think that’s part of the challenge, the realtor I’m working with has been great but told me most of his clients have been cash clients. As far as having equity, I don’t own a home in the US. I’m an executor on a home that’s my fathers, but I don’t own. This was planned to be my first. The rate is 6.75 percent, buttt, I realy can handle it. If all goes through the loan will be modest on a 240k home. I’m not worried about rates and don’t have many expenses here, so I can focus them there.


    QUOTE=Alan r;395436]What kind of rate did they quote you in Aruba? When we bought 15 months ago, rates in the US were under 3%, and rates in Aruba were double that around 6%. So we did not even consider looking at Aruban Banks. I think if most people can afford a second home in Aruba, they generally have good equity in their US home and refinance, then pay all cash for your new property in Aruba. You will have to show lots of documentation for where the money for your new purchase is coming from. I sold a couple rental properties here in the states, and had to show ALL documentation, offers to purchase, closing statements, etc. All in all the process went fairly smoothly. Having a great realtor working with us and guiding us through the process was priceless.[/QUOTE]
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  4. #4
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    Do you currently have a bank account at Aruba Bank (I think that is the bank you mean). The main concern here with the paper trail is Aruba is trying to stay on the good side of the international banking laws....which is a good thing. Money laundering is their concern. Might want to check with your realtor....does anyone else in his/her office have experience with the process of foreigners getting a local bank loan. I strongly advise you to get some professional guidance through this process....this is not the USA....processes work differently and you need solid professionals to assist you. Good Luck!
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  5. #5
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    thank you! I don’t have a bank with Aruba bank but It didn’t seem like that was an expectation and if I did I’d need to continuously have 60k in there even after the down payment, which I’m unable to do. I really do wish the realtor I’m working with had more experience with this part of the process but he unfortunately doesn’t. In every other way he’s been very helpful. I feel like I can’t reach out to other realtors because I’m working with him, but also historically other realtors were not interested in helping as much. I know this isn’t the USA and I’ve been looking into this for years while saving, but there are still surprises. What I can’t seem to find is someone to guide me through the bank process, and the bank when I was there made it difficult to meet in person, and I’m finding it very limited over email. For example, I will email multiple questions and the mortgage broker respond, but usually to one of them. I wish I had the chance to sit down and talk about a 15 year versus 30 and if I can put more down each month etc.

    im guessing I will hear something tomorrow hopefully, but it is absolutely anxiety inducing to sit and wait. I gave the bank everything they asked for, I’m just hoping I can be approved. I know this is something I will need to funnel money into for some time with the hopes it sustains itself, and I’ve been prepared for that. I’m just scared I’m going to get a surprise reason as to why I can’t finance and be heartbroken.

    Quote Originally Posted by annf View Post
    Do you currently have a bank account at Aruba Bank (I think that is the bank you mean). The main concern here with the paper trail is Aruba is trying to stay on the good side of the international banking laws....which is a good thing. Money laundering is their concern. Might want to check with your realtor....does anyone else in his/her office have experience with the process of foreigners getting a local bank loan. I strongly advise you to get some professional guidance through this process....this is not the USA....processes work differently and you need solid professionals to assist you. Good Luck!
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  6. #6
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    It appears you are doing what you can to get this transaction done. I was startled to read the bank wanted you to maintain a balance of $60,000 to open an account. We opened our account at CMB about 12 years ago....no high balance required then or now. Continuing to wish you well in this journey.
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