Made Mexico
Mexico Finance Gets Easier
Now that Mexico finance is becoming so readily available, more people are choosing this option over using cash to finance their Mexico real estate transaction.
Most Mexican banks require a Migrant Visa (FM2) for a non-resident to obtain Mexico mortgages.
However, if there are bank statements to prove the financial situation at home, some also accept an FM3 (Non Migrant Visa). In other words, there is no need to be a Mexican citizen to get a loan from a Mexican bank.
And just because your property is in Mexico doesn't mean you are restricted to Mexican banks. In fact, a property or home loan generated in Mexico is a little tougher than a loan generated in the US or Europe, where it is much easier to foreclose a deal in case of default.
In Mexico, the same process is very complicated and takes much longer. Therefore, additional precautions are taken.
Banks in the United States and Europe have used this chance to jockey for position in mortgage loans and started to offer so-called Cross-Border Mortgages, resulting in constantly growing amounts loaned for the purpose of property acquisition.
RE/MAX Investment Properties Mexico believes this trend will continue - to the benefit of buyers - and are always in touch with the latest movements on the bank market and set up the best possible mortgage plans for their clients with the best rates available.
With so many Mexico homes for sale, they collaborate with mortgage companies that offer special loan programs and real estate finance for Americans, Canadians and Europeans with terms of 3, 5 and 10 year Adjustable Rate Mortgages (ARM’s) or 30 year Fixed, no prepayment penalties.
The length of the loan can be anywhere from 5 to 30 years, and for most banks offering mortgages to foreign investors, the typical loan to value (LTV) amount is 80% to 90%. Also available are Full Documentation and Stated Income Loans.
RE/MAX Investment Properties Mexico work with a number of hand-picked, reputable companies that have been chosen for the benefits they offer the buyer. Buyers can even make a Mexico loan application online - there has never been an easier time to find Mexico finance.
About the Author
Article by experts in Mexico finance and real estate, RE/MAX Investment Properties Mexico.
Which goal from Mexico made you the most happy yesterday?
Mine was Palencia's goal. I literally jumped in suprise when he scored. I didn't expect him to score or even play that game.
Mine was Palencia's cause he shut me up and it was nice and you got to feel good for the guy I mean coming back and scoring in his debut back with la seleccion it has to warm your heart a little (:
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