Lately I have been getting many questions about loans in Mexico for foreigners on Mexican Property. It is a fairly new edition to the real estate industry in Riviera Maya and we are delighted there are options to help people buy a dream home in Mexico.
For loans based in Mexico there are two basic loan options.
Some developers offer financing loans on projects. This is usually the simplest, but often the shortest loan term.
There are third party lenders who make loans to foreigners based on a similar process to what we experience in Canada and the United States. I have many lender contacts with whom you can begin the process to see what amount you are qualified to borrow, before you even know what property you want. This will expedite any purchase.
To find out your level of eligibility takes about a week. It can all be done via email and phone initially. Just ask me for info how to qualify for a loan in Mexico. It simply requires paper work back and forth between you and the lending institution to understand your credit history and rating.
The minimum deposit requirement on most loans is 20%-30% down of the purchase price. For example; if you are buying 300,000 usd condo or house, you must have a minimum of 90,000 usd accessible cash.
Rates run anywhere from 7.25 percent to 10 percent depending on your fico score and the lender. Terms of loans depend on the lending institution.
At this point it is important to know that the desired property itself has to go through a “qualification process” as well. The property has to have certain underlying legal characteristics to be eligible to have a mortgage applied on it – even if you as buyers are qualified . It is a two step process to obtaining a loan in Mexico: one is the buyer and the second is the property.
We are here to connect you every step of the way.Usually completing and closing a sale here with a mortgage on an eligible property takes 60 to 90 days.
Lets get to the fun part shall we and choose your investment in Riviera Maya Mexico?
Now lets say you have pre qualified and understand the loan process and you have the accessible cash deposit and now you are able to buy what ever condo or home you want.
The next step is to identify the property you want.
We make it easy for you as we are a full service real estate agency in Playa del Carmen, Mexico .We can work with you to select and purchase any type of property in Quintana Roo and the Yucatan.
Some popular choices for investment are a downtown condo near 5th ave Playa del Carnen, a beach front condo, lifestyle property, resort golf course and beach community residence, master planned retirement, a jungle house, investment property with return on investment.
Contact us for more information on properties available .
The you make a trip here where you come to see us at Living Riviera Maya Real Estate Agency in Playa del Carmen.
We work closely with you to select and purchase your dream home in Mexico.
We work with all properties and areas including Tulum preconstruction properties, Tulum beach lots, Boca Paila, Akumal beach homes, Costa Maya beach front lots Majahual beach condos , Puerto Aventuras Marina condos and beach homes, Playa del Carmen condos, beach front lots, Playacar luxury residences, Puerto Morelos funky homes and Puerto Morelos beach homes, Jungle properties, properties with cenotes, Yucatan land and homes, Progresso beach front , Beach front condos in Cozumel.
You tell us and we help you find the right fit.First we do a needs analysis of you and your wishes by phone by email. After that the best part is that you come to see us at Living Riviera Maya Real Estate Agency in downtown Playa del Carmen.
By appointment we give you an orientation of the area including some areas that suit your budget and lifestyle. Then we narrow it down and identify specific properties in areas that suit you. We make an offer to purchase your desired property, and we work to come to terms with the seller.
For more information on how we can help you purchase your dream home in Mexico, or an investment property here Mexico, for a retirement home, for investment property in Mexico, for family fun, for scuba diving, kitesurfing or for just getting away from winters,
Contact me at Living Riviera Maya Real Estate Agency
Owner broker Judi Shaw
Www.livingrivieramaya.com
judi@livingrivieramaya.com
1 800 441 3275 from USA/Canada
1 760 994 1716 from anywhere else
+(521) 984 116 3251 Mexican cell phone.
The beach is waiting for you !