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Finance - Any ideals or solutions to our problem??

Hello,

I'm a new member to this site...We are looking to buy a property in Honduras and eventually move and retire there.

Are biggest hurdle right now is how to get financing...
Interest in local Honduran banks seems to be high (10-12%)....and banks in Canada just don't want to lend money for a property situated outside the country....Leaves you a HELOC...which is OK but not the ideal solution....

Is there anyone who could give us any ideals or solutions to our problem??

Thank You

Hello, there!

What a nice plan for a retirement location!

I have had a HELOC and it was an excellent choice for me! Not only was the interest/payment incredibly low (5%), but also it paid off automatically when I sold my home and I was debt-free! Something to consider...

Hi Sunscape55,

Welcome to Expat.com :)

Please note that i have created a new thread with your post on the Honduras forum for more interaction with members.

Thanks,

Priscilla
Expat.com team

Hello Sunscape55:
This is probably not the answer you are looking for but your best plan here is to save for the retirement dream, not look to borrow money for it. I am not sure what your time horizon is but saving is the best way for a long term plan such as a retirement home out of the country.

Good luck!

Hello Suncappe55
Go to your bank and make new estimation of your house then refinancing your mortgage with the reason need money to renovation your house.  Depending how much left in your actual mortgage vs new estimate price of your house then you'll have your money to buy your dream.  House mortgage really low about 2.8% with open contract.
Regards.

Suncape55. I agree with GBcanuc, the main thing is save money.  But in 2009-2010 when US market down,  lots of people abandoned their tropical ream.  Luckily Canadian dollars was almost equal to the usd.  At that moment  we had no money ready for adventure south.  So we made refinance mortgage with our bank.  Half for renovation, half for our dream and we never regret our decision. We bought a nice piece  of beach land 16.5 x 45 metres in a quiet, nice and Christian village near American hospital in Balfate.  We love to retire one day there and do some volunteer work in the hospital as nursing and go to the church etc.
Good luck with your dream project.
Regards.

Hi Lee,

What little community are you in? I am looking. At property in a community tha sounds very familiar to yours.

Thanks
TT

I know of 3% financing in La Ceiba on certain areas/properties. PM me for details. Interest rates have been steady over the last 10 years in Honduras @ 9-16@. Canadian interest rates along with The US have remained pretty much the same but going up.

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