Once you´ve decided to purchase a home in Mexico you will have to think about the way in which you plan to pay for it. As a foreigner you have some options available to you for financing, 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? If so then you as a buyer can leverage a mortgage against this home or condo with you banking institution and use the funds to make a cash purchase in Mexico.  You get to work with a banking institution that you trust in the U.S. or Canada.
You can also try to get a mortgage from a Mexican Institution. This process is involves more paperwork and is a much longer process. Thanks to NAFTA Mexico mortgages are now a possibility, the government and banking institutions have been rather cautious when it comes to allowing funding of this kind. You will need a high credit scores, a low buyer’s debt-to-income ratio, and will need to pay a small tax on your bank mortgage.
Another method is to get a “Bank Trust in Guarantee.” This 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. 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.
Finally, there is the option of 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!
