Purchasing Puerto Vallarta real estate: are mortgages available? Are condo purchases in Puerto Vallarta made with cash only? Alfonso Davalos of The Agency Real Estate answers these questions many potential buyers clients ask. The simple answer is yes; mortgages are available for non-Mexican citizens. There are three mortgage broker possibilities that I refer my clients to get prequalification. One option is Mex lend. They serve mainly all the coastline destinations by helping clients purchase their first or second home in Puerto Vallarta.
The second option is CBI Investments. I had the chance to interview Josh Rappaport, the owner and broker of CBI and that You tube interview is above.
For Mexican clients living in the US and Canada the third possible option is BBVA Bancomer. Aida is my contact and she successfully helped one of my clients before the pandemic. It is essential to know the interest rates are very high between 8.99 to 16% BUT, yes, it is possible to buy 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.
If you are planning to purchase Real Estate with a mortgage, the minimum down payment is 30% and the minimum term is five to thirty years.
If you want to know more about mortgages and if you qualify for any of these fantastic options contact me at theagencyvallarta.com or via my social media sites.