You may have heard already – you can finally by a property through a Mexico mortgage! You may also have heard that there are some downsides to it. However, if you work with professionals, including a reliable, qualified Mexico agent, to find the most suitable property, and obtain reliable, accurate information about the purchasing process in Mexico, a mortgage from a Mexican bank can be a feasible and important tool in one of the most important decisions in your life.
The key advantage to obtaining a mortgage from a bank in Mexico, as opposed to taking a mortgage against your property back home is:
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the property in Mexico itself is leveraged, meaning all risk (which should be minimal as discussed below) will be tied to that property itself, not to any other property you own
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as a result, your valuable home equity is not tied up in another market, and is freed up for other uses
On the other hand, buyers used to the U.S. or Canada will notice the following differences:
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higher down payments are required
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higher FICO scores as well
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the process is longer, and there is more paper work and documentation requirements
While these points can be deterrent to some buyers, and can be frustrating during the buying process, having to wait longer first for paperwork processes and later for approval time, entering the process knowing this, a buyer can plan ahead and minimize frustration.
Also, if working with a professional and knowledgeable agent, buyers can be confident that they are acquiring most suitable property for their needs; this means that they can also enter this process with the confidence that it is worth the extra time. Experienced agents will also be able to point buyers to experts in the area of mortgages.
In all cases, and especially if planning to buy through financing, it is necessary for a buyer to be knowledgeable about the differences implied in buying a property in Mexico. One way to do so is through an on-line Mexico real estate guide. While a buyer's ultimate source of specific information will be the agent he/she works with, a guide will cover the basics and even give pointers onto how to find the best agent for the job.
TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely
Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!"
Region: Playa del Carmen real estate.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.
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