Are Only Mexican Banks Allowed to
Offer Mortgage Loans to Foreigners?
No, and actually 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, resulting in constantly
growing amounts loaned for the
purpose of property acquisition,
started to offer so-called Cross-Border
Mortgages. Undoubtedly, this is a
future trend. We at RE/MAX Resort
Properties are always in touch with
the latest movements on the bank
market and set up the best possible
mortgage plans for our clients with
the best rates available. With so
many Mexico homes for sale, we
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.
In any case, we at RE/MAX Resort
Properties are there by your side.
In any case, you can count on us.
