So, you´ve decided to purchase a home in Mexico and are considering financing options. Luckily for you as a foreigner you have some options available to you, so today I´d like to present some information for you as a potential buyer that will aid you in the process.
Do you already own an existing property in your home country? Then one option is to leverage a mortgage against your house or condo with your banking institution and use the funds to make a cash purchase in Mexico. Speak to a representative from your banking institution in the U.S. or Canada and find out how much you qualify for.
You can also try to get a mortgage from a Mexican Institution. This will take much longer and involve more paperwork. As a resut of NAFTA foreigners are now able to get mortgages. However, you will need a high credit score, a low buyer’s debt-to-income ratio, and you must pay a small tax on your bank mortgage.
Another method is to get a “Bank Trust in Guarantee.” This document will contain details about the payment terms to guarantee that the seller will receive their payments on time, and that you will have legal and physical possession of the property while payments are being made. It is is a legal document that names the buyer (you) as the beneficiary of the property you want to purchase. The seller would be as the secondary beneficiary.
Finally, you can look at getting Credit Pre-Approval. Once a pre-approval certificate is given, you will know exactly which property price range you can search for, even if a buyer is looking for seller-financing.
As you can see there is more than one way to accomplish your goal of buying a home in Mexico. Although different that in the U.S. or Canada, the examples above should help get you started.
Now if you want to learn more about property in the Riviera Maya or any of the TOP MEXICO REAL ESTATE properties we have listed anywhere throughout Mexico, please feel free to contact any of our Top Mexico Buyer’s Representatives and we will be glad to help you find your very own piece of paradise.
And remember, here at Top Mexico Real Estate…
We make it happen!