The temporary suspension of US dollar loan programs for US and Canadian Citizens, means that existing and emerging Mexican Peso mortgage programs make more sense for foreign buyers. Mexlend continues to work with our lenders in developing and refining their programs to better service our clients. Here are a few reasons why these Peso Mortgages are now much more attractive:
It is true that interest rates are higher (9.99% to 13.4%) but then they are balanced with a much higher possible LTVs of up to 90%. This means that qualified clients can get into a property for as little as 10% down payment!
LOWER CLOSING COSTS:
The closing costs are lower with these loans since broker fees are much lower or non-existent.
NO PRE PAYMENT PENALTIES:
Unlike their US dollar counterparts, there are NO pre payment penalties.
THE CONTINUING STRENGTH OF THE US AND CANADIAN DOLLARS:
In these strange economic times, the US dollar continues to defy the odds and gain in strength. This means that the higher interest rates could most likely be offset by continuing favorable exchange rates as the dollars keep outpacing the Peso.
MORE OPTIONS FOR FINANCING:
- Purchase—loans available for the purchase of homes, condos AND lots
- Cash Out Refinancing– with up to 85% LTV!
- Remodeling Loans—just get enough to put in that kitchen you always wanted
LOWER MINIMUM LOANS AVAILABLE:
The minimum loan amount is $300,000 pesos. This means that more borrowers will be eligible.
Terence L. Reilly
Timothy Real Estate Group – An innovative company setting new standards in Real Estate sales and services has the most professional and experienced Realtors in the Puerto Vallarta area who understand the intricacies of Mexican Real Estate ownership, the local market, Puerto Vallarta property codes and regulations and financing. The Timothy Group uses that knowledge to provide a sound analysis on every aspect of property ownership. Timothy Real Estate Group is known for professionalism and experience and they bring this to every transaction they work on for the benefit of Real Estate investors and developers alike. Ask about our Real Estate Listings