National Mortgage Bank Granting Low Interest Loans
The National Mortgage Bank will grant mortgage loans at a rate of 5 percent for the life of the loan, and will buy existing mortgage balances not exceeding $55,000 dollars. The Manager of the BHN Rafael Guardia said the loans will be granted to people with salaries above $400 per month, with capacity to pay 30 percent, who are responsible. The granting of loans is resumed after recovering the debt portfolio after 12 years, said Guardia, who said that when he took over the management of the National Mortgage Bank they had a cash flow of $700,000 dollars, which he has been able to increase to $1.25 million. Guardia announced that in less than 60 days they will be granting titles in several neighborhoods that are currently living in illegality, such as as Jorge Illueca, Villa Celia, Las Garzas, Paso Blanco, Genesis and Ceremi. (TVN)
Editor's Comment: It might sound strange, but if you have an existing mortgage with a balance of less than $55,000 dollars, you might want to check with the National Mortgage Bank, which is an element of the government of Panama, to see about the possibility of refinancing at a 5% interest rate.
