Financing Real Estate In Mexico.
Americans Can Now Get Loans For Home Mortgages In Mexico.
You can finance an existing home or condo purchase in Mexico. Financing homes in Mexico can now be done with a U.S. bank. I've been around this Mexican home financing business for six years now, which makes me an old-timer. I've been around this Mexico financing business since it started. Today, you can't swing a dead burro on the Internet without running into somebody who sells mortgages for Mexico. I've partnered with one company that does what they say and doesn't jerk you around.
Since the collapse of the US housing bubble, loans for Mexican properties are harder to get, just like in the States. Basically, if you have a FICO in the 700's, 20% to put down and this is a second home, you can qualify for a loan anywhere in Mexico, not just the resorts. Even so, you have to have patience. Closing will take longer than in the USA. If you need a loan tomorrow or within a month, don't bother filling out the app.
Please fill out a simple contact form and I will help you get a loan for your dream home or condo in Mexico. Please Click for Mexican loan app.
Sure some companies sucker you in with low ARM interest rates and then stick you with a higher rate later. These people give you a good rate to start and you stay at that rate. They are the actual lenders, not just brokers, so your loan doesn't get shopped around. That means they close faster.
There are fewer than a dozen companies still offering Mexican real estate financing (collateral mortgages) now. They are dropping like flies. Some are good, some are not. I've weeded them out. I offer only one and that one has been around for a more than a few years.
While there are several collateral mortgage companies, 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, 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 that spa.
Mexican banks can now finance real estate for about 12-14%. Ouch. 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. And there is talk of competitive loans to be offered by Mexican banks soon, but there has always been talk. You're still better off financing with a U.S. company.