 When deciding to purchase a home in Mexico you will need to take careful consideration about how you will be able to pay for your home.   At this time, banks in Mexico are not financing foreigners for real estate purchases in Mexico; which leaves some home buyers a little unsure about how they will come up with the cash to pay!
Don’t worry! There are options for foreigners to pay for their home in paradise. It is just a matter of reviewing all of the information and choosing the best route for your personal situation.
Options for Financing in your home country!
In general most sellers and developers will ask for a cash payment from the buyer. If they are not offering any in-house financing opportunities, here are some ways to make it all happen:
- Consider taking a loan against your current home.
- Request a personal loan from your bank.
- If it is feasible, you can sell your current home and use that money to pay for your new home.
What if financing in my home country is not an option for me?
 If none of these options are at your disposal there are still ways to make your dreams of owning a home in Mexico a reality! Sellers and developers are becoming more aware of the need for financing options; so with that, more and more motivated sellers are coming up with short term financing plans to offer buyers who need a little extra time to come up with the cash.
Places like Quadra Alea in Playa del Carmen are offering a nice four year term to those who can put 30 percent down! Other sellers are starting to follow suit! Ask your Mexico real Estate agent for properties that offer developer financing! Click here to learn more about how a Mexico real Estate agent can assist you!
Pay over-time with pre-construction opportunities!
If you aren’t in a hurry to move into your new home right away and also need a bit more time to pay, investing in pre-construction, or early development, is a fantastic idea.
 Why? Because, when you buy very early on in the development process, developers will typically allow you to pay in increments throughout each phase of completion. Developments like Hacienda Del Rio Custom Homes in Playa del Carmen which are just getting started with construction, are offering a pay over-time program which starts with a down payment, and then a percentage during each phase of completion; final payment being due at home delivery. This means that you can start the process and have almost a year or more to come up with the final payment!
Your dreams can come true!
Owning a home in Mexico is not a dream that is far off from reality. There are plenty of American’s and Canadians making it happen every single day! Each buyer has a different financial situation and has been constructive in finding ways to make their dreams come true. Being able to buy in Mexico is not one size fits all! There is a solution for everyone!
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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 16 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the president of Top Mexico Real Estate. Contact him at (512) 879-6546.
The TOP Mexico Real Estate Network; “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!â€
