Financing from Banistmo

We at Banistmo Bank would like to extend a warm welcome and at the same time forward information regarding the terms considered available for customers who purchase a summer home and/or a retirement home. However we must advise that these terms will be subject to the final review and approval of the bank. It is also a pleasure to advise, that foreign customers are usually granted special deals

Mortgage term: Up to 30 years (customer's age must not exceed 74 years 11 months)
Financing: Up to 80% if the purchase price.

Home Acquisitions
Financing:
80% up to $250,000.00
70% up tp $500,000.00
60% up tp $750,000.00
Interest Rate:
5.50% for a 20% down payment
5.25% for a 30% down payment
5.125% for a 40% down payment
Commission: 1%

Lot Purchases
Financing: Up to 70% loan to value prior to the approval of the lot
Commission: 1%
Interest Rate: 6.5% plus state tax (if it applies)
Term: 12 years up to 70%
15 years up to 60%

Home Construction
Financing: 50% of the lot's value and 80% of the construction value. If the lot is paid in full, the customer may finance up to 100% if the construction value. The final Loan To Value must not exceed 75%,
Interest Rate: 6.5% + FECI
Commission: 1%
Construction Term: Up to 18 months

Required Documentation

  1. Signed application
  2. Authorization of Credit History Report (good credit history)
  3. Copy of passport
  4. Copy of driver license or state ID and SS card
  5. Income evidence (last two tax statements)
  6. Income average after retirement
  7. Two bank reference letters
  8. Appraisal of the property (bank can do the appraisal)
  9. Purchase-sale contract

Other required documentation (after approval)

  1. Opening a checking account or savings account for payments
  2. Endorsed life insurance for 100% of loan balance. (from a national insurance company)
  3. Fire Insurance with extended coverage up to 80% of appraisal value (from a national insurance company)

And lastly, the customer must indicate if the home he will be purchasings will be his/her primary residence.

We assure you that it will be a pleasure to serve you promptly and efficiently and look forward to hearing from you soon. If there are any questions, please contact us immediately.

Contact Information

Nancy Guerra
Mortgage Loan
Office:(507)720-2535
Fax: (507)720-2017
email:nguerra@banistmo.com