For the first time in Panama's history, a U.S.A. bank will be giving U.S. citizens and residents the opportunity to acquire US mortgages for property purchased in Panama!
Up until now, U.S. citizens and residents have had to either apply for a tedious local loan or pay cash (from their personal savings or equity line) when purchasing in Panama.
Local loans can be frustrating. Long application process, hidden fees, FECI, 65 year age limit, shorter terms, inability to deduct local bank interests from taxes and life insurance requirements are some of the features which differentiate a typical U.S. loan from a Panama bank loan.
The U.S. loans are typically 30 year terms, no age limit, no life insurance required, very competitive rates, fixed rates for specific terms and tax deductible payments.
Mortgage International Brokers (MIB) opened a "representation office" this week at the World Trade Center. They will be taking applications and processing them in the U.S. exactly as any U.S. loan would be processed.
This is very exciting news for U.S. citizens and residents planning to purchase a home, second home, apartments, condos, etc. in Panama.
The news was announced at ACOBIR's (Association of Real Estate Agents) assembly last week. Real estate brokers are excited that they can finally count on a U.S. Bank to offer U.S. mortgages to their U.S. customers.