Mortgages and earning from abroad...

Answers to your qestions about moving to, and living in, Peru,
billybob72
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Mortgages and earning from abroad...

Postby billybob72 » Fri Jun 28, 2019 1:03 pm

I am a dual national Peruvian with a DNI (or soon to be issued with a card... :D )but I earn my money in China - is it possible to get a mortgage with a Peruvian bank if I make my money abroad? I will be able to invest 40000 dollars or so into a nice little pad in Magdalena or San Miguel so though I would rather wait for the house price bubble to go 'pop' it might just not and I will have to borrow the rest... do they want a local credit score also?


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Alan
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Re: Mortgages and earning from abroad...

Postby Alan » Sat Jun 29, 2019 10:32 am

billybob72 wrote:I am a dual national Peruvian with a DNI (or soon to be issued with a card... :D )but I earn my money in China - is it possible to get a mortgage with a Peruvian bank if I make my money abroad? I will be able to invest 40000 dollars or so into a nice little pad in Magdalena or San Miguel so though I would rather wait for the house price bubble to go 'pop' it might just not and I will have to borrow the rest... do they want a local credit score also?



This is an area that might have changed, but everyone who has posted to this board with a similar question over the years had terrible experiences with banks, finding that overall they do not consider foreign income. Once you get here, meet with one of them, but I don't feel very optimistic.
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Re: Mortgages and earning from abroad...

Postby Formidable 1 » Sat Jun 29, 2019 12:18 pm

billybob72 wrote:so though I would rather wait for the house price bubble to go 'pop' it might just not



You definitely don't want to overpay then have something of little value in a few years.
It is difficult to gauge when it might pop and when a bottom is reached.
Remember what Confucius say, "He who pick bottom wake up with stinky finger".
billybob72
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Re: Mortgages and earning from abroad...

Postby billybob72 » Sat Jun 29, 2019 1:46 pm

Alan wrote:
billybob72 wrote:I am a dual national Peruvian with a DNI (or soon to be issued with a card... :D )but I earn my money in China - is it possible to get a mortgage with a Peruvian bank if I make my money abroad? I will be able to invest 40000 dollars or so into a nice little pad in Magdalena or San Miguel so though I would rather wait for the house price bubble to go 'pop' it might just not and I will have to borrow the rest... do they want a local credit score also?



This is an area that might have changed, but everyone who has posted to this board with a similar question over the years had terrible experiences with banks, finding that overall they do not consider foreign income. Once you get here, meet with one of them, but I don't feel very optimistic.


Indeed! I have read some of the tales, absolutely horrific - was it the poster 'Craig' who had to put a fee into the bank that would have covered a mortgage and in the end after a year they rejected him? I would rather the bubble burst and pay the whole thing in cash but who knows what's going to happen! Thanks Alan! :D
billybob72
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Re: Mortgages and earning from abroad...

Postby billybob72 » Sat Jun 29, 2019 1:48 pm

Formidable 1 wrote:
billybob72 wrote:so though I would rather wait for the house price bubble to go 'pop' it might just not



You definitely don't want to overpay then have something of little value in a few years.
It is difficult to gauge when it might pop and when a bottom is reached.
Remember what Confucius say, "He who pick bottom wake up with stinky finger".


True, but the plan is to live in it and retire here. I'd rather not get a mortgage that has 12% interest though! I'll see if the prices start to come down from the ridiculous asking prices they're asking around here or just buy in San Miguel! :lol:

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