ask the experts
REAL ESTATE
Q: is it possible for an expat to borrow money to buy a home
in ecuador?
Answer:
While most expats that purchase their home do so by paying
cash or using a home-equity loan from a bank in the United
States it is possible, under certain circumstances, to borrow
money from an Ecuadorian bank.
As you can imagine, the requirements and the process are
much different from obtaining a mortgage in the United States.
For example, the smaller banks usually require some sort of
resident visa and two years of residing in the country. A
bank account and statements proving income are also usually
required. Some banks have less stringent policies asking only
for residency and six months of bank statements. It is important
to understand, like in the United States, the economic climate
ultimately determines the bank’s willingness to lend money.
Most banks here in Ecuador require a 30% down payment
and will finance the balance for up to 15 years. If you
can borrow money in the United States, it will probably be
better for you in the long run because the banks here, for
the most part, charge high