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cornking

Dec 13, 2002, 7:56 AM

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Mortgages

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Hi,

I have found a condo I want to buy. I am looking for a mortgage. Is home financing available?

Cornking

Jim in Cancun / Moderator

Dec 13, 2002, 2:31 PM

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Re: [cornking] Mortgages

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Six months ago I would have said "no--mortgages are not available." But I have heard them advertised lately. Some are available for Mexican citizens through Infonavit and some banks--not sure if they are for foreigners. I am not sure you would want to pay the interest involved even if they were available--and I am talking about loans for $25,000 usd max. Someone on one of the other Mexconnect boards offers U.S. financing if I remember right.

DavidG

Dec 13, 2002, 4:38 PM

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Re: [Jim in Cancun] Mortgages

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CornKing,

Jim is right about the interest being high. The company I am familiar with below, currently has a rate of around 9.75% I know they can handle loans up to several hundred thousand dollars, and more.

It is a conventional loan with the Mexican property being the collateral. All mortgage, credit approval details are handled in the US, closing takes place in Mexico.

Collateral Mortgage 1-800-370-1130
DavidG
Villa Dos, Cozumel
"I still believe in ignorance as my best defense"

LeAnn in Merida

Dec 14, 2002, 4:42 PM

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Re: [DavidG] Mortgages

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David,

Is that a US 800 # or a Mexican 800#?

Thanks for the info.

DavidG

Dec 14, 2002, 5:52 PM

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Re: [LeAnn in Merida] Mortgages

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LeAnn,

That is a US 800 number. It is their San Antonio office.

DavidG
DavidG
Villa Dos, Cozumel
"I still believe in ignorance as my best defense"