Mortgages for property in Belize

[DAVID L.]

We are looking to move to Corozal permentently is 3 years. We are looking for a short term mortgage (5 years) until we sell our current property in the States. We are in the US. Any suggestions? Thanks.

[COUNTRY EXPERT ANN KUFFNER]

Many owners are wiling to take back a mortgage here in Belize, since the bank fees for mortgages are over 10% and it is not fun to go through the process of applying for a mortgage in Belize. So talk to the realtor and ask her to focus on propertie’s whose owners are willing to work out a mortgage arrangement. Usually they will ask for 40-50% down, though, to be sure you are serious.

The other option is to rent until your property in the USA sells. Rents are pretty cheap in Corozal. And if you rent you will have more time to check out the local area and neighborhoods and get a feel for where you want to buy. International Living typically suggests that our readers rent before buying. Once you buy there is no guarantee you’ll be able to sell quickly, or at a profit, if if you have a change of heart, or run into some family issues that require you to return back home.

[MIKE ANDRESEN]

To the couple moving to Corozal in approximately 3 years. Corozal is one of the places that my husband & I are going to check out, would you mind sharing what area of Corozal that you like and why?
Thank you, Laura & Mike

[COUNTRY EXPERT ANN KUFFNER]

Here is another current mortgage option in Belize. Atlantic International Bank is currently offering mortgages at 9.75%. They are willing to finance up to 60% of the cost of a home. The Amortization period is 15 years, with a 5 year balloon payment. Or you can refinance at the end of 5 years. So you can do this three times, up until the 15 year period. There is no penalty for early prepayment. Their advertisement says that it takes 3-4 weeks to process the loan.

I can’t vouch for the length of time it takes to get one of these mortgages. But years ago my husband and I did get a mortgage from Atlantic International Bank on one of our properties and we paid a similar rate at that time.

Atlantic BAnk is located at branches throughout Belize, including Corozal. I assume that Belize Bank also offers similar mortgages, in this price range. At times Scotia Bank has offered lower interest rate mortgages, but I haven’t heard about their process.

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