  |
Americans Can Now Finance Their Home Mortgages In Mexico.
Americans (and now, Canadians) can finance an existing home or condo purchase in Mexico. Mexican home or condo mortgages can now be provided by U.S. banks with down payments as low as 10% on 20-year loans at reasonable interest rates (there are now several programs, so we will have to talk to you personally to get you the best rate). Acceptable FICO scores were recently lowered to 640 in some cases and self-employed people can get home loans. Mortgages in Mexico are available for anywhere in Mexico, not just the beach resorts. In some cases, a peso-based mortgage loan is better for you. Please fill out a simple contact form and I will call you to help you finance your dream. Please Click here.
I've been around this aspect of living in Mexico for the past four years. Today there are about 30 collateral mortgage companies offering mortgages in Mexico to Americans and Canadians, as one large investor who called me for advice said, “I’ve talked to several people who claim they can finance property in Mexico. As they say in Mexico, they were fantasmas.”
Literally fantasma means a ghost, but it is commonly used to describe ideas or people whose promises are insubstantial, or who promise more than they can deliver. I learned this word from the owner of a spa, Ixtapan de la Sal, that was leery of my reservation service representing them, because so many people claimed to have such businesses and few did. There’s a lesson here for those of you who want to start a business. Gringo businesses come and go in Mexico, so expect a little hesitancy from other Mexican businesses. It took me three years to get a contract with Ixtapan.
Mexican banks can now finance real estate for a fairly reasonable interest rate (a couple of percentage points higher than the company above). It used to be that interest rates could run as high as twenty-seven percent for large purchases in Mexico, but now, although they are considerably higher than U.S.or Canadian banks, they are no longer exorbitant. You're still better off financing with a U.S. company.
|