Financing your Mexico real estate purchase has never been easier
Until very recently, ability to get a loan to buy a property in Mexico was practically unheard of. This was a barrier to buying real estate in Riviera Maya Mexico, 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. Mortgages in Mexico for foreigners were non existant.
Now it is 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 the process:
· 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 are 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 bank or the mortgage broker for your mortgage in Mexico.
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