Mortgages in Mexico for Foreigners
Can You Financing your Mexico real estate purchase with a bank loan in Mexico?
Until very recently,mortgages in Mexico were available for foreigners. Sadly until further notice the banks have stopped the usd based loan for foreigners and are not taking any more applications. Bancomer ( Compass Bank in US) and Scotiabank were the two major lenders in usd for properties in Mexico for foreigners. IN Jan 2012 Bancomer stopped their program and in April 2012 Scotiabank stopped taking new applications also. We are told that they will resume some time in the near future.
At this point in time there are limited sources of loans such as peso based bank loans, or private fund financing. Some owners will offer short term financing to buy real estate Playa del Carmen. Just ask me for options. However mainly be thinking about how much cash you have to buy a Playa del Carmen property and focus on that level, is my recommendation.
As soon as something changes for mortgages in Mexico I will post here on this website and also on my facebook page https://www.facebook.livingrivieramayarealestate
When bank mortgages for property in Mexico for foreigners was available some time starting around 2007, it gave many people more options. Before that, the ability to get a loan to buy a property in Mexico was practically unheard of. This was a barrier to buying Riviera Maya real estate, for most people.
Foreigners who bought a Playa del Carmen condo or beachfront property Riviera Maya, always purchased Mexico real estate using assets and equity from their home country. Now it is that way once again. And it is a very good way to buy Playa del Carmen Mexico. It gives a realistic purchase price and a realistic cash return on investment.
When lending was available it made it possible and easy for Canadians, Americans and British Citizens to buy a property such as condo in Riviera Maya Mexico with a loan from a Mexican Bank. The mortgage for Mexico real estate is originated here in Mexico. Your real estate in Mexico is used as collateral for the loan. This means your assets in your home country are not used to buy Playa del Carmen real estate.
Mortgages in Mexico follow the same basic format as a loan from a bank in USA or Canada. There are some variations depending on which bank makes the loan for buying real estate in Riviera Maya.
Once a Playa del Carmen condo or beachfront home Riviera Maya is identified, and once you know you want to buy real estate Playa del Carmen here is how it worked when loans were available, and will likely be once they are available again:
· Buyer gets preapproved for loan based on income and credit score
· Minimum Fico score required: 649
· Loans are fixed in USD for Canadian and US citizens; income in USA or Canada
· Mininum 25% down is required for a maximum loan to value of 75%
· Loan values of 100,000 usd or more
· Terms of 10, 15, 20, 25 and 30 year terms available.
· Fixed rates available or adjustable rates for your mortgage in Mexico
· Best loan rates ever in the history of Mexico available
· Rates for Mortgage in Mexico can range from 5.50 percent to 9%
· Cash Refinance mortgages are available also
· Buyer pays closing costs of approximately 6%
· Usually a loan is closed in 45-60 days.
· Mortgages in Mexico were available from Major Mexican banks connected with Canadian or USA reputable banks
· Work directly with the bank for your mortgage in Mexico, or use one of our reputable Mortgage broker to shop the best prices and terms for you.
· Just contact me for more information. I will put you in touch with the private source or an owner direct for your mortgage in Mexico.