Panama Mortgage

At a glance:

	Mortgage	Refinance	Equity Release	Buy to Let
Maximum Loan to value	70%	70%	N/A	N/A
Maximum Interest only period	0	0	N/A	N/A
Maximum Term	20 years	20 years	N/A	N/A
Maximum Age on completion	70	70	N/A	N/A
Average interest rates	6.5%	6.5%	N/A	N/A
Average monthly price per thousand	7.16	7.16	N/A	N/A

Process:
In spite of mortgages in Panama being relatively new, the banking system is very advanced and with the legalization of mortgages the banks have embraced the possibility very enthusiastically. Competition is growing daily creating more competitive products and improving an already efficient process. Mortgages should take no longer than eight weeks to arrange.

Approximate timelines (weekends not included):

1.	Approval in principle	Instant
2.	Final licences	Day 1
3.	Property registration details	Day 1
4.	Application (receipt of documents)	Day 1
5.	Power of attorney	Day 1
6.	Confirmation of approval in principle	Day 3
7.	Valuation	Day 6
8.	Formal offer	Day 10
9.	Arrange signing	Day 15
10.	Signing	Day 20
11.	Transfer of deeds	Day 20
12.	Payment to developer	Day 20
13.	Agency of service	Day 20
14.	First mortgage payment	Day 21
15.	Commission received	Day 41

Costs:

For guidance purposes, as costs vary from lender to lender:

Cost	Amount	Payable
Broker fees	500	Up front (refundable)
Application / bank fees	200	Up front
Valuation fee	500	Up front  (refundable)
Opening commissions	1.5% of loan amount	On signing
Registry / Notary fees	1% of purchase price	On signing
Agency of Service	120	Annually on signing date

Currencies:
US Dollars