Isabel, works close together with a number of quality agents in
Panamá City. This week she has some exiting new listings to offer. 
We put them on the first page!
Count on Isabel to represent a select group of the most exclusive properties in Panama's luxury real estate market. 
This month, she is proud to offer a three-story penthouse unit that includes a private pool and internal elevator in
Panama's ritzy Punta Pacifica neighbo-rhood, along with another stunning top floor property debut in the Coco del Mar
waterfront community.  First time on the market this month is also one of only a few PRIVATE RESIDENCES in the Waldorf
Astoria along with a bayside Trump penthouse unit that will take your breath away.
See all the pictures and info on the listing pages. 

 More than 700 meters in Costa del Este                                                                                            $ 2.990.000

Best of Panama Realty has added another associate to their offices. Now we can offer mortgages with an interesting interest.

When deciding which property in Panama you would like to buy, its best to get pre-qualified for a loan right from the start to avoid delays down the road. Getting pre-qualified for the mortgage will help you understand exactly how much you can spend and the type of unit you should be looking to buy. Mortgage pre-qualifications and approvals stay valid for as long as it takes the project to complete construction. Every 6 months the bank will check to make sure the client income and credit history hasn’t changed and will extend the approval for another 6 months. This process will continue until the property is ready.

As the majority of the investors buying in Panama are not residents of the country, the Panamanian banks are easing restrictions on lending to foreigners. As of today non – residents qualify for up to 70% financing for a maximum of 25 years. There is a age restriction for applicants at 75 years of age. This means in order to qualify for the full 25 year term, you must be 50 years of age or younger. If an applicant is 60 years old for example, the maximum term he or she could obtain is 15 years ( 75 year old restriction – 60 years old = 15 year term). Loans obtained from a Panamanian bank DO NOT REPORT to your credit report from your home country. Extra debt on your credit report will lower your credit score and make it more difficult to obtain other financing in your home country. The mortgage will only show on your Panamanian credit and will help establish a credit base for any future financing in Panama.

When applying for a mortgage, the bank will ask you for a number of documents detailing your financial background. It is imperative you provide them with everything they ask for, any missing documents will cause a delay in the approval process. Once the buyer has satisfied all of the banks documentation requirements, there is a 14 day turnaround on approvals. During this 14 day period the banks credit committee will analyze your case based on your income and repayment abilities. Once approved , a loan term sheet will be issued by the bank for the buyers review. If the buyer agrees to the loan, he or she signs the term sheet, returns it to the bank, and is issued a irrevocable promissory letter for the loan amount approved.

The following documentation is required for the approval of a loan :

§  2 Photo ID’s (Passport and driver’s license)

§  2 Bank reference letters

§  Tax Returns for the last 2 years

§  Last two pay stubs (does not apply to self-employed)

§  Asset Verification (bank accounts, retirement accounts, equity in your home, stocks, bonds, etc.)

§  Purchase Contract

§  Personal Credit Report

§  Job reference letter

§  Proof of any down payment made

Non-resident applicants can expect the following loan terms and conditions if approved :

§  25 year term maximum

§  70% of purchase price financing

§  Life and Fire insurance required

§  6.25% interest rate ( All non- residents qualify for the same interest rate if approved, rates are not credit score driven)

Best Of Panama Mortgage Group has created a network of banking, legal and insurance experts that specialize in real estate financing for foreigners. Our loan specialists will stay by your side until the day you are given the keys to your property to ensure a smooth transaction. All of our brokers are tri-lingual, speaking Spanish, English and Russian. With over 20 years experience in the mortgage industry and direct contact with the banks credit committees, Best Of Panama Mortgage Group delivers speedy loan approvals with professional yet personal and friendly service.

Call us and we are glad to connect you to one of our agents. Just state whether you like to speak:

English, Spanish, Russian, German or Dutch

Welcome to BestOfPanamaRealty.com, Your source for Panama Real Estate, If you own real estate that you're thinking of selling, we would be happy to provide you with a Home Evaluation. If you like to list your property with us, it's totally FREE!

        

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