Financing In Mexico
More today than ever before buyers can take advantage of affordable and accessible home financing programs. Buyers can choose between several respected and well established companies and use Mexican property as collateral. As the competition among lenders increases, the terms for borrowers are improving.
Buyers may qualify based on their credit and documents from the US. The property they buy is held in a fideicomiso bank trust. The lending institution uses the escrow services of a well known company like Stewart Title or First American Title. If this sounds familiar, it is because these processes are modeled from those followed in the US.
Loan representatives offer fixed rate loans, adjustable rate loans, terms up to 25 years, loans as high as 80% of the value of the property, refinancing and even programs to allow borrowers to take cash out of existing properties.
The growing popularity of financing makes second and retirement homes in Mexico more accessible to buyers coming from the US. The anticipated increase in demand is expected to have an upward pressure on prices. These evolutions in the market place bring good opportunities for buyers and sellers alike.
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