We often hear: “The housing market is only for those with cash in hand.” While it is true that a cash offer provides a certain kind of speed, it is a myth that Aruban banks aren’t interested in local professionals. In fact, banks like Aruba Bank, CMB and RBC are actively looking for the stability and long-term commitment that a local resident brings.
The secret isn’t having a suitcase full of cash; it’s being “bank-ready” before you even start looking. That’s why we are giving you the Three Pillars you should follow.
Just like you carefully prepare your CV to land that dream job, that is how you want to prepare and polish your financial records if you want to move from “searching” to closing. Let’s get you ready!
- The Debt-to-Income (DTI) Ratio
Banks look at how heavy is your debt “burden of debt” compared to your monthly gross income. So instead of allocating time on actively searching for houses, look at your monthly expenses.
The Pro-Tip: If you have a high-interest personal loan or a high credit card balance, focus on paying those first. Even a small decrease in your monthly debt payments can significantly increase the mortgage amount you qualify for
- Your “Proof of Stability”
You want to build or deliver a consistent history
Here is what you need: Keep your tax returns (belastingaangifte), pay slips, and pension statements organized for the three years. If you are self employed, your win-verliesrekening (profit/loss statement) is your most valuable asset. Having this ready in a digital folder shows the bank you are a serious, organized borrower.
- The “Hidden” Costs (The 10-20% Rule)
The king of surprises we do not want to have!. UImagine getting your mortgage approved to only then find out about the closing costs. So, prepare by saving an additional 10% to 12% of the purchase price to cover:
- Notary fees
- Transfer tax (overdrachtsbelasting)
- Appraisal costs (taxatierapport)
- Bank/Mortgage fees
The Bright Way: Align Your Numbers
You don’t have to be a finance expert to navigate this. At Weichert®, our role is to act as your translator between the property market and your financial goals.
- Pre-Qualification Support: We can connect you with our network of financial experts at leading banks; you’re free to choose the bank that best matches your needs and goals.
- Strategic Viewing: We’ll tailor your search to you, highlighting homes that truly fit your lifestyle and stay within your approved budget. Your time and financial peace of mind matter to us, so we focus on properties that you can comfortably afford and genuinely fall in love with.
E Plan Pa Yega Na Bo Cas
Poco poco bo ta yega na bo meta! By getting your financial situation in order before you go shopping, you turn from a “wait-and-see” buyer into a “ready-to-act” buyer. When a house or piece of land hits the market, you won’t hesitate because you will be ready to present an offer that says, “I have the stability and the plan to make this place my home.”
Join The Discussion