US-style mortgages are now readily available for foreign buyers in Mexico. Not until recently have American lenders been involved in the Mexican financing market and with their anticipated arrival has come an explosion of opportunity. Previously American banks were reluctant to provide financing on Mexican properties due to the foreign investors' inability to obtain real estate title within 50 kilometers of Mexico's coastline. To remedy this limation the Mexican Government now allows foreigners to own land on or near the coast via a bank trust called a "Fidelcomiso."
Financing in Mexico shares the same advantages of financing in the US and by utilizing these advantages you increase the earning power of your money. Using a loan leaves cash available for other investments and it is likely that the interest paid on your loan wil be tax deductable in the US. US-based financing benefits foreigners who are planning to buy property in Mexico as well as those who already own property. With interest rates starting at 8%, down payments around 20% and terms between 20-30 years; financing in Mexico is now easily accessible.
Purchasing a second home, investment property, or retirement home, US financing will help protect your investment. By binding yourself to an established financial institution you will receive the experience and the comfort of knowing your transaction wil be handled professionally and your title wlil be transfered correctly. With loans being secured using your Mexican real estate as collateral, not your US property, the lending institution is not allowed to foreclose on secured property in the US in case of default in Mexico. US-style mortgages can make your dream condo in Mexico a reality.
For more information email Phil Minch philminch@hotmail.com or call in Tennessee 423 884 6031
