Bank or Seller Financing? When buying a home or condo, Is there Bank Financing?

[MICHAEL R.]

Hello Suzan and Ecuadorian Expats

When buying a home or condo, can you finance the purchase with a bank loan or do you need seller financing?
Also what is the normal down payment required to purchase a home or condo?

Thanks,
Mike Ryan

[EI EXPERT – EDD STATON]

Be prepared to pay cash for a home purchase. Sometimes developers offer short-term financing while projects are under construction but full payment will be due upon completion. Long term financing is not an option.

[COUNTRY EXPERT – WENDY DECHAMBEAU]

I have heard of a few (very few) expats getting financing from a U.S. bank for a property purchase in Ecuador, but it’s not very common and I would think financing would be difficult to obtain. Ecuadorean banks are not as liberal about loaning money as those in the U.S., so they do not readily hand out loans. It might be possible to get a mortgage here, but I think it would be very very difficult. Like Edd said, your best bet is to pay cash.

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