{"id":19700,"date":"2018-06-21T12:00:39","date_gmt":"2018-06-21T16:00:39","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=19700"},"modified":"2023-06-13T00:50:47","modified_gmt":"2023-06-13T05:50:47","slug":"getting-mortgage-loan-mexico","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/getting-mortgage-loan-mexico\/","title":{"rendered":"Getting a Mortgage Loan in Mexico"},"content":{"rendered":"

Getting a Mortgage Loan in Mexico<\/strong><\/h2>\n

As an American, there are many different things that you can do in Mexico that are unique to you (no matter what Trump says). In many countries around the world obtaining credit or a financial loan of some kind requires a lot of work. Mexico is relatively friendly when it comes to Americans buying a property in the country, going so far as to offer mortgages to US persons. <\/span><\/p>\n

The first thing you need to do to purchase property in Mexico is to go to a local real estate agency <\/span>and find a respected local law firm<\/b>. The real estate agent will help you find quality properties and the lawyers will guide you through the whole process. Yes, you definitely need a lawyer on your side in Mexico!<\/span><\/p>\n

Once you\u2019ve found a house or condo that you like, you need to make an offer. When your offer is accepted, you\u2019ll need to put 10% of the purchase in escrow, usually with a Notario Publico in Mexico. The Notario Publico is also in charge of validating the transaction, reviewing the documents, making an appraisal, etc.<\/span><\/p>\n

All of these requirements can be easily made and don\u2019t require anything more than your American passport and legal fees. Credit is a tad more complicated, but nothing that requires a huge amount of time or paperwork. <\/span><\/p>\n

Americans requesting credit in Mexico is becoming more and more common. Companies in the financial sector know that giving credit can benefit many Americans who are residing in the country or who wish to invest in the country.<\/span><\/p>\n

Most banks will ask for you to show documentation on your residential status in Mexico. A simple proof of your migrant visa can ease this problem. That is to say, you first must have residency in Mexico before you can apply for a loan. This is a very easy process and can be handled by an immigration attorney. <\/span><\/p>\n

For example, Banamex offers loans <\/span>in dollars<\/b> for Americans who wish to acquire vacation properties in Mexico for up to one million dollars. This of course varies on the type of house you wish to acquire and if you have the capital to back up this type of loan.<\/span><\/p>\n

A mortgage can finance between 50 and 70% of the value of the property, with rates between 6% to 10%, plus a differential for risk. This might be 1 to 3% depending on your financial situation and the percentage of the purchase price to be financed. <\/span><\/p>\n