Posts Tagged ‘Applying for a Mortgage’
Process of Applying for a Mortgage on Panama
The actual process of applying for a mortgage requires that you provide any and all documents proving who you are, your credit status and your total income and assets. Each bank will have a specific list of requirements, but the more you show them, the easier it is for them to get a good idea of who they are dealing with. Communicating with your bank representative is important to fill in any holes, but you will need proof to backup what you say. One bank representative said that she has had people who were denied a mortgage come in crying “But I have this property, and this much in the stock market”, but they didn’t originally submit any proof of these assets and the whole approval process had to begin all over again.
Banks will allow you to send copies of your documents via e-mail or fax to start the approval process, but at some point they will require that the original, signed documents are in their office. The documents can either be presented in person or shipped via DHL or FedEx.
If you change any details from the start of the application process, everything will have to be redone. One common mistake is not being clear about whose name the land and mortgage will be registered to. Only married couples can take out a mortgage together. The obvious benefit of putting two names is that the couple’s joint salary will give them a better chance to be approved for the loan on a property that may be out of one individual’s purchasing capability. If one person suddenly can’t make the trip to Panama to complete the necessary procedures, the mortgage will have to be re-applied for under the spouse’s name only.
