Mortgages

[Ajijic]

If anyone is seeking a mortgage here are some points which may be of interest. Mortgages are not common in this country but a growing business as Mexico's middle class grows. Normally, for an expat with your source of income being from foreign sources such as pensions etc it is very difficult to find a mortgage. What makes it even harder is you are not a citizen. And, another hurdle is you
must be 70 or 75 by the time your mortgage is paid. Of all the banks one of the very few sources for an expat of a mortgage is Santander. Note, mortgage interest rates are much higher in Mexico as are all forms of credit.

At one time Spencer was a mortgage broker but not sure if he does this now.

What also helps is creating a Mexican credit history. If you think you may ever want credit in Mexico obtain a credit card even though the initial limit may be 5000 pesos. Use your card regularly to build up a history. Be aware though interest rates are very high but you can arrange with your financial institution to deduct the full amount charged to you credit card to be taken from your bank account.

[LaChula]

I asked the seller to hold the mortgage to buy my house. She agreed, and it has been like paying rent for the last 13 years . Only 2 more years to go. I took a chance on buying my dream house and it worked.

[Mainecoons]

Mortgages with 50%LTV and 8 to 10 percent depending on length are available privately. Generally written as 3 or 5 year balloon. PM me if you have questions about this.

[valbogyo]

Mainecoons: Are you in the business? I think I already know the answer.

[Mainecoons]

PM me if you have questions.