Are mortgages available, or are condo purchases in Mexico cash only? Hey folks, this is a fascinating question I received while I first contact my clients. The answer is yes; mortgages are available for Non-Mexicans, are three mortgage brokers that I refer my clients to talk to and get the prequalification.
One of them that has been here in town is Mexlend; they serve mainly all the coastline destinations of helping people to get their loan and purchase their first, second home in the city. Other than a couple of my clients use this company is CBI Investments, I had the chance to interview with Josh Rappaport, the owner and broker of CBI that you can watch here https://www.youtube.com/watch v=uiyJROoQoyg&t=382s
For my Mexican clients living in the US and Canada, it is another option available with BBVA Bancomer. Aida is my contact, and she already helped one of my clients before the pandemic. It is essential to know the interest rates are high between 8.99 to 16% BUT, yes, it is possible to own a property here in town with a mortgage.
It is impossible to purchase a condo or a house in pre-construction with a loan; the reason is the bank needs collateral, and if it is pre-construction, it’s nothing at the time. So are payment plans available in those cases. Still, we will talk about that at another time. If you are planning to purchase Real Estate here with a mortgage, you must know the minimum down payment is 30% and the Minimum term to pay is five years, and the Maximum thirty years.
If you want to know more about mortgages and how to get in touch with the three fantastic options I’ve worked on before; feel free to shoot me an e-mail at alfonso.davalos@theagencyvallarta.com. See all the videos about real estate on my Youtube channel or check my website.
