Financing Available

Martin Lipsman

Panama Mortgage Group

*Note:   The maximum amortization period and the age of the Borrower cannot exceed 75 years.

GENERAL CONDITIONS:

1.   Appraisal of the property being financed. The bank assumes the cost for new projects, for second-hand properties the client assumes the cost.

2.   Opening of a saving or checking account, through which, the loan monthly payments will be deducted, account should maintain a minimum balance equal to three (3) monthly installments.

3.   Borrower(s) life insurance for the amount of the loan endorsed to The Bank of Nova Scotia.

4.   Fire insurance policy covering 100% of the improvements made to the property given as security.

1. Borrower(s) should cover legal and registration expenses.

DOCUMENTATION REQUIRED:

1. Job letter and copy of two pay slips (for borrowers currently earning a salary).
2. For self employed customers, copy of last 6 months of bank account statements.
3. Copy of the last two income tax returns.

• For Residents of the United States- Two last income tax returns certifies by the IRS
  • 1040
  • W2

• For Residents of Canada – Notice of Assessment for the last 2 years.
  • T5- Self-Employed
  • T4- Borrowers currently earning a salary

• For Residents of the United Kingdom – Two Last Income Tax Returns
  • P60- Borrowers currently earning a salary
  • SA1000- Self-Employed

4.   Copy of passport and a 2^nd picture ID.

5.   Asset/liability verification (copy of bank account statements, real estate titles, bonds, stocks, property tax bill, homeowner’s insurance, etc). Residents of Canada: provide mortgage statements from bank.

6.   Copy of Purchase & Sale Agreement and copy of receipts of down payment.

7.   Two (2) copies of public utility bills of your current primary residence (water, phone, electricity).

8.   Two (2) original bank reference letters from recognized bank(s), addressed to Scotiabank Panama.

9.   Residents of the United Kingdom must request a copy of your credit report from your primary financial institution and have them send the report via fax or email directly to Scotiabank Panama.

If the client cancels the loan within the first 5 years, the bank will charge a 2% penalty within the first 2 years and 1.5% within the subsequent 3 years.

The terms, conditions and loan pricing described herein are subject to periodic review by the Bank and at the Bank’s sole discretion. This proposal is subject to the analysis and final approval of the loan by Scotiabank Panama’s credit committee.

If the clients want to do a refinance after paying cash the terms are as follows:

Residents:

Up to 80% financing, 6.5 – 7.5% interest rate for up to 20 years

Non residents:

Up to 60% financing, 7.5% – 8.5% interest rate for up to 15 years

An appraisal is always required for this type of financing.

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