Brokers

One of the most common ways for people to buy real estate these days is on a mortgage.  Americans and Canadians looking to invest in Mexico real estate will want to know their options.

Mexican banks are currently not offering mortgages to non-Mexicans.  However, there are a few approaches to take:

Developer financing  – A growing number of developers are offering longer-term financing to buyers who are not Mexican.

Seller financing – In some cases, individual sellers may offer shorter-term financing if an acceptable down payment is offered.

Financing in the U.S. or Canada – The most frequent approach is to take a loan against a property already owned back home from the buyer’s home bank, and then buying in Mexico in cash.

Over the past few years, banks in Mexico did offer mortgages for U.S. and Canadian buyers, however, during 2012, the last of these programs was canceled.

Hopefully, in the near future, such programs will be offered again.

In the meantime, you as a broker can inform your clients of this situation so that they start into their plans for buying in Mexico with an idea of which financing approach would be best for them.

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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!”