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63°F, Fair

Meet me in Panama

Posted by V.K. [Mel] Melhado P.A. on Sunday, February 25th, 2007 at 5:37pm.

With the huge influx of foreign investing in Panama, including manay Americans who find Panama a paradise to retire to for substantially less than other places around the globe, it would seem prudent to discuss the banking policies regarding financing real estate. You may find that there are areas in Panama where the local banks do not finance real estate for foreigners and you may have to seek a bank in Panama City that does. While banks in Panama have very similar rates, terms and conditions as those in the United States, there are striking differences regarding the application process. Here at home in Naples, Florida, we are used to going to a bank and having them run our credit report electronically, in order to find out what we actually qualify for in terms of financing. It is all done through our social security number, and can be done in a matter of a few minutes. In Panama, the bank’s primary focus is on your current ability to re-pay the loan, rather than past credit history. They are interested in all your income sources and require extensive documentation regarding such. They also want you to prove the value of the property, which will again require documentation. The key. like a boy scout, is to be totally prepared. That way you can speed up the loan process, which can take a great amount of time. Here is a checklist of the important things that you should have to begin the process:

• A copy of the Title/Deed of the property
• An Executed Contract to Purchase
• Signed and fully completed Mortgage Applications
• Photocopy of your Driver’s License
• Photocopy of your complete Passport
• A copy of your Education History
• A copy of your Employment History
• A copy of a Utility Bill with your permanent address.
• Two Bank Reference Letters
• Two Professional Reference Letters
• Photocopy of the past two year’s Bank Statements
• Photocopy of the past two year’s Tax Returns

Again the more preparation, the quicker the process!

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