Mexican Mortgages are Out – Owner Financing is In
Now it has been 2 months since Scotiabank has stopped taking loan applications, and although they have not officially announced the cancellation of the Vacation Home USD Program, everything seems to point in that direction. Scotiabank, the last mortgage funding resource for Americans and Canadians wanting to purchase a property under a bank mortgage in Mexico is no longer providing that service.
And, although Bancomer has been for the past 7 months announcing a Peso Mortgage Loan for Americans and Canadians, the fact that the interest rate for that product has been set at 10.9% annual interest rate, will perhaps make it a not very desirable program. Americans and Canadians might be better of getting a second mortgage, or a HELOC (Home Equity Line of Credit), in their home country to allow for the required down payment and then obtain developer financing, or owner financing, to purchase property in Mexico’s resort areas.
This becomes a dilemma not only for developers in the need of cash, but also for private owners wanting to sell their properties and cash out at closing.
Furthermore, that also presents a problem for mortgage brokers like us, and makes us turn our selling expertise and promotion efforts to Real Estate Sales.
Therefore, unless, you are interested in a Peso Mortgage with interest rates between 9.9% interest rate, if you have an FM3, or FM2 legal residence document, or 10.9% annual interest rate, if you provide USA or Canadian loan documentation, you will have to request a mortgage in your home country.
We are now working with a USA Lender that is approved in several states in the USA through which we can provide Mortgage Loans in the States to help you in your Mexico Real Estate purchase. We will also be doing Real Estate Sales, for those interested in working with a long term Cancun-Playa del Carmen, and the Riviera Maya Real Estate and Mortgage expert.
Not to mention the fact that we are also helping several clients that have come across legal issues in the properties they have acquired, some of them dating back to 2008. You will be hearing about those problem properties and how we have been helping those clients fixing their property problems, or obtaining the refund of their deposits, somehow.
So keep us in mind if you are interested in purchasing Real Estate in Mexico’s resort areas. Our experience and knowledge of the business and legal nuances of the system will easy your purchasing process.
Mexico Realty Solutions REAL ESTATE BROKER Enrique (Henry) Saldana
Cel: (984) 111-8743Español, English, Françaismoneylendingbus@hotmail.com