Buying a house or an apartment in Bayahibe, Dominicus or Punta Cana is the goal of many Dominican families and many foreigners who choose to live in the Caribbean. It almost always takes financing, and that is where the questions start: how much they will lend you, at what rate, what paperwork they need and whether you can apply without being a resident.
In this guide we explain how a mortgage loan works at COOPACSOL, with our actual terms and no fine print.
Mortgage loan terms
- ✓Rate from 17% a year in dollars (USD) and from 19% a year in pesos (DOP).
- ✓Financing of up to 70% of the property's value.
- ✓Term of your choice on the application, from 1 to 30 years.
- ✓Approval in 5 to 10 days with complete documentation.
- ✓No Dominican residency required: your Dominican ID (cédula) or your passport is enough.
Two uses: buy a property or mortgage one you already own
A mortgage loan serves two different purposes, and you choose which one on the application:
Buying a property: we finance up to 70% and you contribute the rest as a down payment.
Mortgaging a property you already own: you use your house, apartment or lot as collateral to get cash, for example to finish construction, expand your business or consolidate more expensive debt.
Requirements and documents
You complete the application online and upload documents as a photo or scan. For a mortgage loan we ask for:
- ✓Cédula (front and back) or passport if you are a foreigner.
- ✓Your monthly income and the currency you receive it in, with proof: an employment letter if you are employed, or a certification from an accountant, a sworn statement or financial statements if you are self-employed.
- ✓The property address and number of floors or stories.
- ✓Property title.
- ✓Photos of the property, the exterior and the interior.
- ✓A property appraisal, if you already have one. If not, we will guide you.
If you are a foreigner and don't live in the country
You can apply for a mortgage loan with your passport, without Dominican residency. The difference is how it is evaluated: for residents we check their history with Data Crédito; for non-residents there is no local history to check, so the loan is backed by the collateral, that is, the property itself.
That is why the collateral has to be in order: a clean property title, free of liens and with current insurance. If your property meets these conditions, being a foreigner is not an obstacle.
A sample monthly payment
Say the apartment costs US$150,000. We finance 70%, that is US$105,000, and you put in US$45,000. At 17% a year in dollars, over 20 years the payment comes to about US$1,540 a month; over 15 years, about US$1,616.
Notice one detail: stretching from 15 to 20 years lowers the payment by only about 76 dollars, but adds five years of interest. With rates at this level, the shortest term you can comfortably carry often pays off. This is an estimate: the final rate and term are set when we evaluate your application.
Pesos or dollars
The dollar rate is two points lower, but the most prudent choice is to borrow in the currency you earn in. If you earn in pesos and pay in dollars, every rise in the dollar makes your payment more expensive for years. If you earn in dollars or euros, a dollar loan is usually the natural choice.
How to apply
- ✓1. Complete the mortgage loan application on our website: choose whether you want to buy or mortgage and over how many years you want to pay it off.
- ✓2. Upload the property documents and your proof of income.
- ✓3. Our team contacts you within 24 to 48 business hours.
- ✓4. With everything complete, you get an answer in 5 to 10 days.
A well-planned mortgage is not a debt: it is how you turn rent into property of your own.