If you are considering buying a Tulum home for sale or a Tulum condo for sale, there are various financing tools available for you to make your purchase easier. One of these is a Mexico mortgage from a bank. Here we will present various aspects of gaining a mortgage and how they can make it easier for you to buy a property in Tulum.
Points to Know about Getting a Mortgage for Your Tulum Real Estate
- Mexican Banks – Over the past few decades, Mexican banks have modernized considerably and are now up to par with international standards; in fact, during the 2009 recession, it is said that better practices in Mexican banks actually saved them from many of the problems encountered in the U.S. In Tulum and the surrounding area there are several good, international banks in operation which offer mortgages to non-Mexicans buying real estate in the area.
- Interest Rates – Interest rates tend to be just slightly higher for Mexico mortgages compared to those in the U.S. or Canada. For example, in mid-2011 rates at some banks were around 5.5 %. While this may seem like a deterrent, the difference ends up being fairly minimal, and the advantage of being able to get a mortgage in Mexico usually balances this (see below.)
- Down Payment – For the most part, down payments are required for mortgages here, usually around 30%. Since property prices tend to be significantly lower than back home compared to properties anything near comparable, the actual monetary amount of this 30% down payment is usually not as significant as people may think.
How This Makes Things Easier for You
- Risk Mitigation – One of the important factors in choosing to get a mortgage in Tulum as opposed to getting a mortgage back home against a property you already own is that buyers can avoid the risk of a cross-border domino effect should one of the markets go downhill at any point. While these are situations we most certainly don’t hope for, it is an important consideration, especially considering the volatility north of the border in recent years.
- Payment Packages – A practical issue is that Mexican banks allow you to set up easy payment packages, where home insurance and the monthly payment are lumped together into one neat payment at a set price. These can also be set up for automatic withdrawal or online banking payments if you open a Mexico bank account.
If you are considering buying a home or condo in Tulum, talk to your agent about the possibility of a mortgage; it may make it easier for you to buy that dream property you’ve always wanted!