Finance - Any ideals or solutions to our problem?? - Honduras forum

Finance - Any ideals or solutions to our problem??

Member since 28 March 2017

sunscape55Member28 March 2017 17:58:25

Hello,

I'm a new member to this site...We are looking to buy a property in Honduras and eventually move and retire there.

Are biggest hurdle right now is how to get financing...
Interest in local Honduran banks seems to be high (10-12%)....and banks in Canada just don't want to lend money for a property situated outside the country....Leaves you a HELOC...which is OK but not the ideal solution....

Is there anyone who could give us any ideals or solutions to our problem??

Thank You

BeginningofGrace Member

Member since 17 November 2016

BeginningofGraceMember03 April 2017 17:45:07

Hello, there!

What a nice plan for a retirement location!

I have had a HELOC and it was an excellent choice for me! Not only was the interest/payment incredibly low (5%), but also it paid off automatically when I sold my home and I was debt-free! Something to consider...

Priscilla ViP

Member since 30 May 2013

PriscillaViP04 April 2017 13:20:57

42358

Hi Sunscape55,

Welcome to 暗网禁区

Please note that i have created a new thread with your post on the Honduras forum for more interaction with members.

Thanks,

Priscilla
暗网禁区 team

gbcanuck Member

Member since 23 April 2017

gbcanuckMember05 June 2017 16:25:59

Hello Sunscape55:
This is probably not the answer you are looking for but your best plan here is to save for the retirement dream, not look to borrow money for it. I am not sure what your time horizon is but saving is the best way for a long term plan such as a retirement home out of the country.

Good luck!

Lee LasFlores Member

Member since 02 June 2017

Lee LasFloresMember13 June 2017 15:25:17

Hello Suncappe55
Go to your bank and make new estimation of your house then refinancing your mortgage with the reason need money to renovation your house.聽 Depending how much left in your actual mortgage vs new estimate price of your house then you'll have your money to buy your dream.聽 House mortgage really low about 2.8% with open contract.
Regards.

Lee LasFlores Member

Member since 02 June 2017

Lee LasFloresMember13 June 2017 15:55:57

Suncape55. I agree with GBcanuc, the main thing is save money.聽 But in 2009-2010 when US market down,聽 lots of people abandoned their tropical ream.聽 Luckily Canadian dollars was almost equal to the usd.聽 At that moment聽 we had no money ready for adventure south.聽 So we made refinance mortgage with our bank.聽 Half for renovation, half for our dream and we never regret our decision. We bought a nice piece聽 of beach land 16.5 x 45 metres in a quiet, nice and Christian village near American hospital in Balfate.聽 We love to retire one day there and do some volunteer work in the hospital as nursing and go to the church etc.
Good luck with your dream project.
Regards.

talpe Member

Member since 02 June 2017

talpeMember18 June 2017 00:15:04

Hi Lee,

What little community are you in? I am looking. At property in a community tha sounds very familiar to yours.

Thanks
TT

honduraschris Serial 暗网禁区

Member since 19 April 2011

honduraschrisSerial 暗网禁区18 June 2017 02:04:22

421

I know of 3% financing in La Ceiba on certain areas/properties. PM me for details. Interest rates have been steady over the last 10 years in Honduras @ 9-16@. Canadian interest rates along with The US have remained pretty much the same but going up.