Mortgages in Tangier for Non-Residents

If you are a non-resident looking for mortgages in Tangier you may find it a little more difficult than you would if you were a resident. Though you can get a mortgage for real estate in Tangier it will require you working with real estate professionals that are well-versed with non-residents buying real estate in Tangier.

Foreign Currency
Many foreigners try to get mortgages in Tangier from banks in Spain and other countries. Though you can get these types of loans you will want to speak to a real estate professional about the rules and requirements for using foreign funds in Tangier.

Protecting Local currency
Tangier and all of Morocco try to protect the value of the local currency by monitoring the foreign currency on the market. This means that you will have to follow certain steps in order to purchase a home with foreign mortgages in Tangier.

There are some lenders in the city that can help you get mortgages in Tangier. When working with these lenders you will want to choose your loan package carefully.

Loan Options
Mortgages in Tangier will include different options. You will find that you have a choice of interest rate (you will have the ability to lock-in your interest rate before a certain date and you may have the option to buy down your interest rate by paying points). Points are equivalent to 1% of your mortgage (1 point = 1%).

Knowing the Math
When you are comparing loan packages that may or may not include interest-only mortgages in Tangier you should do a mathematical analysis. You will need to estimate how long you plan to own the home or how long you would own it before refinancing in order for you to know which loan package is best.

By comparing the monthly payments of the different options you are offered you will be able to see which is the best choice based on your plans. It may or may not make sense to buy down your mortgage.

The Paperwork
Anyone applying for mortgages in Tangier or anywhere else can expect to have to submit a fair amount of paperwork. You will want to understand upfront what information will be required and be sure you will be able to obtain it.

Local real estate professionals can help you through the process by explaining to you what you can expect and what you will need. Though it was almost impossible a few years ago to get mortgages in Tangier for non-residents, you will find that there are now some options.

Bottom Line
Foreigners can buy property in Tangier and get mortgages in Tangier from foreign and/or local financial institutions. It is important for you to have a good understanding of all of your options and to do the right analysis so you can choose the best option for you.

Speak to a local professional to understand the process before you start applying for mortgages in Tangier and make sure you have all the documentation you will need. If you do this you will find that you can get a mortgage in Tangier.

Filed Under: Tangier Legislation

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