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Typical mortgage terms in Belize are as follows: 40% down payment, 10.5% to 11% interest, and either a 10 or 15 year amortization. There is usually a balloon payment in either 5 or 7 years on the mortgage, though it is standard procedure to refinance for a new balloon period of equal length. Owner-carry financing is available for some properties. There are a couple of advantages to this. For one, you may be able to purchase with less than a 40% down payment in certain cases. Also, you may be able to negotiate a more favorable interest rate than 10.5% to 11%. Another advantage is that there is no loan origination fee such as you would incur with a Belizean bank. And lastly, there is no qualifying process or credit check. Thus your mortgage does not negatively impact your credit report, credit score or credit worthiness. Cash sales can usually negotiate a better price on any property. Our calculators will help you determine loan amounts, mortgage qualification and affordability. Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.
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