Riviera Maya Real Estate News On Financing Interview Azael dominguez

One of the biggest questions we get asked by Americans and Canadians who are interested in buying Riviera Maya real estate is, “what kinds of financing options are there?” Until now we have only had the option of some developer financing options being offered in the Riviera Maya region. Unfortunately Mexican banks do not extend financing to foreigners who are buying Riviera Maya Real Estate or anywhere in the country for that matter. However after speaking with financial expert Azael Dominuez at the AMPI Oath Ceremony in Cancun last Friday we heard a different story that could be appealing to some American and Canadian Mexico homebuyers. According to Azael Dominguez foreigners can actually apply for bank loan financing in Mexico if in fact they live and work in Mexico. The catch? You must be a legal resident and be earning income in Mexico. This very combination can make foreigners eligible to apply for a home loan in a Mexican bank. This may still not meet the needs of retirees who are looking into Riviera Maya real estate for retirement purposes but it does provide a solution for those who are intending to come and work. According to Dominguez foreigners who fall in to this category can apply for the loan in nearly every major bank in Mexico including Bancomer, Banamex and Santander banks. If you do not fall into this category you shouldn’t get discouraged. There are still financing options to consider. We recommend looking into personal loan options in your home country as well as the option of borrowing against your current home. These are routes that have tended to work very nicely for homebuyers in the past. Another way is to inquire about properties that will offer developer or owner financing. These terms are usually short but with about a 30% down payment you will have about 3 or 4 years to come up with the final amount. For more questions about financing options for your Riviera Maya Real Estate property contact a trusted AMPI certified real estate broker.