A Guide to Getting a Mortgage as an Expat in Aruba
Introduction: Buying a property in Aruba can be a dream come true for many expats. The beautiful weather, stunning beaches, and relaxed lifestyle make it a popular destination for those looking to relocate or invest in real estate. However, financing a property as an expat can be a bit of a challenge. In this guide, we’ll go over everything you need to know about getting a mortgage in Aruba as an expat.
Step 1: Know the Requirements
Before you start looking for a mortgage, it’s important to know the requirements. In Aruba, expats can generally get a mortgage as long as they have a work permit and proof of income. However, the specific requirements can vary depending on the lender, so it’s important to do your research.
Step 2: Find a Lender
Once you know the requirements, it’s time to start looking for a lender. In Aruba, there are several banks and mortgage brokers that offer mortgages to expats. Some popular options are Banco di Caribe, Aruba Bank, RBC Bank and Caribbean Mercantile Bank. It’s a good idea to shop around and compare rates and terms to find the best mortgage for your needs.
Step 3: Get Pre-Approved
Before you start looking for properties, it’s good to get pre-approved for a mortgage. This will give you an idea of how much you can afford to spend and will also make you a more attractive buyer to sellers. To get pre-approved, you might need to provide the lender with proof of income, work permit and other documentation as required.
Step 4: Find a Property
With your pre-approval in hand, you can start looking for properties. Aruba has a wide range of properties available, from condos and apartments to houses and villas. It’s important to work with a reputable real estate agent who can help you find properties that meet your needs and budget.
Step 5: Apply for the Mortgage
Once you’ve found a property you want to buy, it’s time to apply for the mortgage. You’ll need to provide the lender with all the necessary documentation, including proof of income, a copy of your work permit, and a copy of the purchase agreement. The lender will review your application and make a decision on whether to approve the mortgage.
Step 6: Close the Deal
If your mortgage application is approved, you’ll need to close the deal. This involves signing the mortgage documents and paying any closing costs or fees. Once everything is finalized, you’ll be the proud owner of a property in Aruba!
Conclusion:
Buying a property in Aruba can be a great investment for expats, but it’s important to understand the requirements for getting a mortgage. By following these steps and working with a reputable lender and real estate agent, you can make your dream of owning property in Aruba a reality.